topic Re: Inquiries on report effect? in Mortgage Loans

Inquiries on report effect?

S7 — Mon, 05 Nov 2012 04:31:13 GMT

When starting the home loan process, how badly does the amount of inquiries effect chances?

Re: Inquiries on report effect?

beb86 — Mon, 05 Nov 2012 04:32:55 GMT

as long as its not excessive...you may just need a LOE

Re: Inquiries on report effect?

S7 — Mon, 05 Nov 2012 04:36:37 GMT

I've gotten my first CC's to beef up my "variety" of credit, all I've ever had was 2 auto loans, one paid off, the other in good standing. I know the new TL's have to be at least 6 months old, but I was curious as to the effect of the the inquiries once the 6mths are up and the husband and I begin the home loan search process again. (had to post pone it due to losing $150 a month and having to clean up his report)

Re: Inquiries on report effect?

beb86 — Mon, 05 Nov 2012 04:40:40 GMT

Most of the time the want to see 4 TLs but you can always use non-traditional TLs (rent,utilities,etc)

Re: Inquiries on report effect?

seigex — Mon, 05 Nov 2012 06:18:02 GMT

I have 7 on EX 9 or 10 on EQ and 5 on TU (prior to the mortgage app) and the lender said they are ok.. i'll prob just have to do LOEs (letters of explanation)

Re: Inquiries on report effect?

S7 — Mon, 05 Nov 2012 14:48:54 GMT

Hmm, what kind of letters of explantion do they want for them? Seems crazy they would want that doesn't it? Lol,l I mean, its pretty obvious! :smileyvery-happy:

Re: Inquiries on report effect?

beb86 — Mon, 05 Nov 2012 15:56:23 GMT

S7 wrote:
Hmm, what kind of letters of explantion do they want for them? Seems crazy they would want that doesn't it? Lol,l I mean, its pretty obvious! :smileyvery-happy:

Just to explain the INQ.... "I applied for a few CC's to help my overall credit utli" short and sweet

Re: Inquiries on report effect?

S7 — Mon, 05 Nov 2012 16:34:34 GMT

Ahh, I see! lol :) Thank you!

Re: Inquiries on report effect?

jnkp2001 — Tue, 06 Nov 2012 04:45:02 GMT

My score dropped from 651 to 639 :smileymad: on just two inquiries from lenders. Of course, I now have a total of 13 inquiries.:smileywink: I did the same thing. Just wanted to make a lower utilization percentage. Fortunately, I had a 651 when the mortgage co. checked. I believe they last 90 days.:smileyhappy:

Re: Inquiries on report effect?

JPersat — Tue, 06 Nov 2012 05:05:14 GMT

I have 17 on TU. no big deal to our LO. They all had a reason behind them. 16 on EQ and idk on EX.

Re: Inquiries on report effect?

S7 — Tue, 06 Nov 2012 15:41:45 GMT

Wow, this makes me feel alot better! Thank you!!! I'm hoping to work on my hubby's and maybe get a raise in the next 6mth, and Lord willing, we can start this process again! :) :) Thank you to all of your response's!! :) :)

Re: Inquiries on report effect?

beb86 — Tue, 06 Nov 2012 20:19:51 GMT

When I got my mortgage I had a bunch of INQ and the LO didn't even bat an eye

Re: Inquiries on report effect?

S7 — Tue, 06 Nov 2012 21:23:57 GMT

Awesome!!!!! That makes me have hope! LOL!

Re: Inquiries on report effect?

seigex — Tue, 06 Nov 2012 22:50:01 GMT

for the record, I have a new CL (USAA CC) that should be posting to my account within the next couple weeks from an inquiry a couple weeks ago.. and the LO had no problem with it, i'll probably just have to write an LOE for it