3. “How to Choose and Benefit from a Cosigner for Your Personal Loan”

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When it comes to managing your credit and applying for loans, understanding the impact of inquiries on your credit report is crucial. Here is a breakdown of soft and hard inquiries, why you should be cautious about multiple loan inquiries, and how long hard inquiries stay on your credit report.

What Is a Soft Inquiry?
A soft inquiry occurs when someone checks your credit for non-lending reasons, such as when you check your own credit, get preapproved for a credit card, or when an employer checks your credit. Soft inquiries do not affect your credit scores.

What Is a Hard Inquiry?
On the other hand, a hard inquiry happens when someone checks your credit report in response to a credit application, like applying for a loan, credit card, or a credit limit increase. Hard inquiries can impact your credit scores, but typically only by a few points and for a limited time.

Why You Should Avoid Too Many Loan Inquiries
Credit scoring companies suggest that multiple new accounts could indicate a higher risk of missed payments in the future. While a single hard inquiry may have a minor impact, several inquiries can compound the effect on your credit scores.

How Long Do Hard Inquiries Stay on Your Credit Report?
Hard inquiries can remain on your credit reports for up to two years, but their impact diminishes over time. Different credit scoring models consider inquiries from varying time frames, with the effect usually lasting only a couple of months.

Do Multiple Credit Inquiries Count as One?
In some cases, multiple hard inquiries within a short period may count as a single inquiry for scoring purposes. The rules vary between credit scoring models, with some deduplicating inquiries made within a specific timeframe.

Don’t Be Afraid to Gather Loan Offers
While it’s essential to be mindful of the impact of inquiries on your credit, don’t let the fear of hard inquiries deter you from shopping for the best loan offers. Understanding the rules around inquiries can help you make informed decisions and potentially minimize the impact on your credit scores.

For expert guidance on mortgage services and loan inquiries, contact O1ne Mortgage at 213-732-3074. Our team is here to assist you with your mortgage needs and provide personalized solutions tailored to your financial goals.

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