Too many recent inquiries in the last 12 months
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What does “Too many recent inquiries in the last 12 months” on my credit report mean?
It means that your Fico score is impacted by too many inquiries.
The credit bureaus usually attach this statement to the explanation part of your credit report when the your Fico score took a hit because of to many inquiries, i.e. by you searching for new credit.
The reason for lowering your score and attaching the above statement is that researches have shown that opening several credit accounts in a short period of time represent greater risk.
Just how many is “too many“?
There is no straight answer. What Fico does is to profile people. For consumers with similar credit profile to yours, Fico formula has came up with a MAXIMUM number of hard inquiries that is considered tolerable.
As long as you keep your number of inquiries below this number – no harm is done.
Once you go over this threshold – your score is impacted and the “Too many recent inquiries in the last 12 months will appear on your report.It is important to note that the isn’t a single number. The maximum acceptable number of inquiries varies according to the different credit profiles people have. Different people will have different number of Maximum credit report inquiries that is tolerable.
As people change their credit habits and use more credit in – this number changes as well to reflect this reality.
See credit-report-inquiries.html for more information.
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