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Shopping
Credit inquiries impact credit scores negatively because statistical studies show that multiple inquiries are associated with high risk of default. Distressed borrowers often contact many lenders hoping to find one who will approve them. On the other hand, multiple inquiries can also result from applicants shopping for the best deal
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To avoid penalizing loan “shoppers,” credit ratings ignore inquiries that occur within 30 days of a score date. Suppose, for example, I shop a lender on June 30 and the lender has my credit scored that dayEven if I had shopped 50 other lenders in June and they had all checked my credit, none of those inquiries would affect my credit score on June 30.
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