New Delhi, Oct. 11 -- When in need of borrowing funds, submitting several personal loan and credit card applications may seem completely harmless. Especially when the need for funds is urgent and required to meet a health emergency or another similar expenditure.

Still, it is vital for aspiring borrowers to keep in mind that when they submit several different credit applications, i.e., personal loan, home loan, or credit card applications, within a short period of time, such behaviour can adversely impact their credit profiles. This is because such a behaviour is carefully scrutinised by the lenders.

Every time you apply for credit, a lender may check your credit report, creating a hard inquiry. While a single inquiry usually has a limi...