What do banks think about multiple consecutive enquiries?
We cannot say definitively what banks think as these are confidential. Each bank have their in-house risk management team to assess the risk of lending to an individual. For example, if a person has defaulted on his/her loan before, and this is followed by many enquiries by banks, the subsequent bank’s suspicions may be raised about the person. Even if the person may not have defaulted before, many attempts to obtain home loan results in many enquiries showing up on your credit report. Are Credit “Enquiries” necessarily Bad? Credit enquiries are neutral in nature. For example, if a person is very high net worth and he/she engages in buying and selling of properties all the time and engages in many financial transactions, then it is normal that there are many enquiries on his/her credit report. However excessive credit enquiries on a single individual by banks or financial institutions can also be an indication of distress or recognised as such by some lenders. Excessive “Enquiries” cou
