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Too many inquiries last 12 months
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Each time you apply for credit, a credit inquiry is added to your credit report. People who are actively seeking credit pose more of a risk to lenders than those who are not. Your FICO Score was lowered due to the number of credit inquiries within the last 12 months.
What is Payment History?
Payment history is a record of your on-time and late payments on your accounts over the past 7 to 10 years. The accounts considered in your payment history include, but are not limited to, personal, student and auto loans, mortgages and credit cards.
Late or missed payments are typically reported by lenders if you have missed your due date by 30 days. Even one late payment can impact your credit standing.
Why does it matter?
The first thing any lender usually wants to know is whether you’ve made your payments on time.
Payment History is typically the factor that has the most impact on one’s credit score.
This means that if you have a poor payment history, it will most likely hurt your credit score. A lower credit score may affect your ability to be approved for a loan or qualify for the best available rates when you apply for credit. On the other hand, a solid payment history is an important step towards a good credit score.
What can you do?
Pay on time. Always.
Set up payment reminders. Some banks offer payment reminders and can send you an email or a text message reminding you when a payment is due.
Consider enrolling in automatic payments through your credit card and loan providers to have payments automatically withdrawn from your bank account.
If you have missed payments, strive to get back on track. Missed payments won’t hurt you forever. The longer you pay your bills on time, the more your credit score can improve.