The Myth of Running Credit

Credit reports is one of Trevor’s areas of special expertise after a 30 year career in the mortgage industry. 

In his experience, inquiries will impact (the correct word as per the credit bureaus) by 8 points.

Trevor has read thousands of credit reports to witness these results. 

This “myth” of credit inquiries damaging a credit score is decades in the making and is now so firmly baked into urban mythology causing us to respond to concerns, about running credit, hundreds of times.

If someone is LEGITIMATELY running your credit, having inquiries on your credit report is NOT the reason your EIDL loan is declined. READ THAT AGAIN PLEASE.

Please stop wasting valuable energy with unnecessary excuse-making and finger-pointing, and start drafting a coherent, sensible, factual statement to address your credit history.

And please start getting your financial documents in order and address any inconsistencies that could cause SBA to decline your loan. The really good loan officers try to fit your business into the guidelines to accomplish an approval but often, business owners fight the system thinking there is a conspiracy.

Be better than the SBA and own your responsibility to the process and stop worrying about HARD INQUIRIES. I promise you INQUIRIES are never the reason for a declination. It’s too often mistakes made by mistakes in their rush and disregard to tend to the details.