Subject 1, Day 15: Hard Inquiry Hack.
If you apply for more than one product within a 24 hour span, it should only count as one hard credit inquiry.
When applying for credit, understanding hard inquiries is crucial. A hard inquiry occurs when a lender checks your credit report, which can impact your score. However, there’s a strategy to minimize the damage: applying for several credit products within 24 hours typically counts as a single inquiry. This means that if you’re in the market for a credit card, loan, or mortgage, you can shop around without worrying excessively about your credit score taking too much of a hit. It's beneficial to prepare in advance by checking your credit report and score, ensuring they are in good shape before applications. Additionally, consider timing your applications and grouping them together. Researching lenders beforehand can also help you make informed decisions and possibly secure better terms. Ultimately, being strategic about credit applications can lead to greater financial freedom without jeopardizing your creditworthiness.
