topic Re: Buyers remorse!! in General Credit Topics

Buyers remorse!!

bbb3601 — Fri, 12 Oct 2012 20:36:35 GMT

My new mortgage finally reported ater 4 months and I received a nice 30 point bump. This recovered some of the loss due to my app spree over the last 2 months, but I sooo regret these darned inq..............wish there was a way to say poof gone!!!!

Re: Buyers remorse!!

webhopper — Fri, 12 Oct 2012 20:47:43 GMT

bbb3601 wrote:
My new mortgage finally reported ater 4 months and I received a nice 30 point bump. This recovered some of the loss due to my app spree over the last 2 months, but I sooo regret these darned inq..............wish there was a way to say poof gone!!!!

Unfortunately, time is the only thing that will make them go away.

I have 15+ apps on each report from my mortgage process. It was horrible.... At least I'm down to single digits on EQ now

Re: Buyers remorse!!

djrez4 — Fri, 12 Oct 2012 20:58:01 GMT

webhopper wrote:
bbb3601 wrote:
My new mortgage finally reported ater 4 months and I received a nice 30 point bump. This recovered some of the loss due to my app spree over the last 2 months, but I sooo regret these darned inq..............wish there was a way to say poof gone!!!!
Unfortunately, time is the only thing that will make them go away.

I have 15+ apps on each report from my mortgage process. It was horrible.... At least I'm down to single digits on EQ now

That's not exactly true. It's just not something we talk about here.

Re: Buyers remorse!!

TeeandDee — Fri, 12 Oct 2012 21:10:24 GMT

djrez4 wrote:
webhopper wrote:
bbb3601 wrote:
My new mortgage finally reported ater 4 months and I received a nice 30 point bump. This recovered some of the loss due to my app spree over the last 2 months, but I sooo regret these darned inq..............wish there was a way to say poof gone!!!!
Unfortunately, time is the only thing that will make them go away.

I have 15+ apps on each report from my mortgage process. It was horrible.... At least I'm down to single digits on EQ now
That's not exactly true. It's just not something we talk about here.

Really?? Do tell?? :smileyhappy: Because I was under the impression you are stuck with hard inquiries for two years, but they don't affect your FICO score after one year. Correct me if I'm wrong please.

Re: Buyers remorse!!

Smug — Fri, 12 Oct 2012 21:29:09 GMT

SSSShhhhhhhhhhhhh!

Re: Buyers remorse!!

alboto — Sat, 13 Oct 2012 05:57:55 GMT

please do tell my dear!! I was also under the impression of the 2 years.

Re: Buyers remorse!!

maiden_girl — Sat, 13 Oct 2012 06:00:26 GMT

Well yes, inquires do report on your credit report for two years...but they only affect your credit score for one year. After the one year mark, its no longer factored into your score.

Re: Buyers remorse!!

Creditaddict — Sat, 13 Oct 2012 06:32:50 GMT

Who cares!!!

You will have a couple banks that will just say no no no when you have to many INQ... But I would say 90% of banks that you can "MANUALLY REVIEW" Apps with them they will let the INQ go if they see VERY LOW UTIL on credit cards, Longer History, and good job history and good income. As INQ go up and UTIL goes up and DEBT TO INCOME goes up... INQ become more of an issue!

We have seen people with 3 INQ not get approved for many things over and over and then we have seen those with 60 INQ have no issues.... I think INQ are OVER RATED ten folds! Especially if you don't need to get a mortgage!

I use to say car too... but I don't know why and I did not have a single car loan company say I couldn't get the lease because I applied for 20 credit cards over the previous 6 months...

Re: Buyers remorse!!

FrugalRican — Sat, 13 Oct 2012 10:19:22 GMT

Bingo.

If you have a mortgage, why do INQ's matter?

I personally think that people go a bit overboard over the whole INQ issue.

Re: Buyers remorse!!

bbb3601 — Sat, 13 Oct 2012 11:56:51 GMT

I wasn't going overboard just making a statement. I too have never been turned down for excessive inquirires. Just mentioned it because i pulled my eq report and it listed inquiries as 2nd reason holding score down......makes me regret my spree.

Re: Buyers remorse!!

Shogun — Sat, 13 Oct 2012 12:27:46 GMT

I believe someone earlier was making a reference to "bumping" to get Inqs off reports. And No, we're not allowed to talk about it here. It can have bad consequences so it is highly ill advised.

Re: Buyers remorse!!

llecs — Sat, 13 Oct 2012 13:35:56 GMT

OP, speaking from experience from someone who used to have 30 inquiries each on EX and EQ inside a year old, inquiry damage is waaaaaay overrated. I was still getting approved and they weren't dropping my FICO beyond the first one or two. The new credit TLs are the ones that hurt.

And ditto to Shogun...advocating or suggesting ways to get legit inquiries off are a no-no here, so you get any help here.

Re: Buyers remorse!!

Booner72 — Sat, 13 Oct 2012 14:41:38 GMT

Buyers remorse? You don't want your house bc of inquiries? That's silly. Inquiries are a normal and expected part of getting credit.

Re: Buyers remorse!!

Creditaddict — Sat, 13 Oct 2012 19:12:10 GMT

llecs wrote:
OP, speaking from experience from someone who used to have 30 inquiries each on EX and EQ inside a year old, inquiry damage is waaaaaay overrated. I was still getting approved and they weren't dropping my FICO beyond the first one or two. The new credit TLs are the ones that hurt.

And ditto to Shogun...advocating or suggesting ways to get legit inquiries off are a no-no here, so you get any help here.

Two things that I was hoping to point out and don't think I did last night...

30+ INQ as said above not an issue and usually NO score loss after a few, some of us ESPECIALLY rebuilding which is why I think I always come across a little scolding or what not because I think some of us (me longer rebuilders, or rebuilders of multiple times!) People are afraid to get new credit as they build because of AA and score dropping... WHY are you rebuilding? To get better Credit, to buy a house, buy a car...

and the other thing about AA and score drop and people posting 10,30, even 60 point drops for 1 or 2 new apps... the ONLY thing that sticks with people is 30 points and 2 INQ or declined and it says I was declined for INQ and I have 3.

My partner (TU or EQ Fico proven) had an 806, he applied for car, couple credit cards... his score was ranging 748-780's... someone at an 806 thinks the world is exploding when they drop below a 750! the reality is (MOST CASES)

1. 720, maybe 740+ you are tier 1 for anything in the world

2. these people see what seems like an epic score drop BECAUSE they probably have not applied for anything in at least 1 year many times much much longer.

3. They probably have little debt or if they have debt it's not on the bad side of debt (Partner has $60k private student loans... I have NEVER seen it listed as negative ANYWHERE which is probably due to good income and good score but still I see $60k in student loans as a big negative!

Point is (yes while you probably will never see a 800 Fico score if you apply for credit 1 a year and if you are under the age of 30 (im sure someone will dispute!) when you look on your EX what is bringing my score down, or a denial letter, I have NEVER seen one (outside a blacklisted bank) seen a denial letter that didn't include INQ) You do realize that a computer probably has 15-30 PRE-LOADED) choices for why the app is declined... if it's a small bank or mortages being handled by someone, they go into a sheet and actually click boxes (I use to do it) for why they are declining (When I did mortages) even if the person was not declined, if they chose not to go forward with doing anything, I have to close them out and they have to get a letter (now giving them score and such) back then giving them denial and at least 3 reasons and which report(s) pulled so they could get a free copy. I would not even look at reason for a denial!

ugh I hope I didn't get off task again... I try to do to many things at once.