Definition
A credit inquiry appears on your credit report when someone checks your credit. Hard inquiries (from lenders reviewing credit for loans) lower your score slightly. Soft inquiries (from employers or pre-screened offers) don't affect scores. Multiple hard inquiries within 45 days typically count as one.
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Hard inquiries (from lenders reviewing credit for a loan) lower credit score slightly and appear on reports. Soft inquiries (from employers or credit card offers) don't affect scores. Multiple hard inquiries in a short period typically count as one inquiry for mortgage purposes.
Pro Tip
Shop for mortgage rates within a 45-day window; multiple inquiries in this period count as one, minimizing credit score impact.
Example
Applying for a mortgage generates a hard inquiry, reducing credit score by 5-10 points; but applying to multiple lenders within 45 days counts as one inquiry for scoring.