01-20-2013 11:28 AM
01-20-2013 11:29 AM
01-20-2013 06:22 PM
Inquiries cost about 5-10 pts on average per inquiry. It makes up about 10% of your score. Inquiries look worse to lenders if you have a lot of derogatory items on your credit report as it predicts you are high risk. Until your credit is cleared up, I wouldn't apply for anything else until you have 0-1 inquiries.
Inquiries do report for two, but only have a FICO impact for one. It's a YMMV on lenders. Some will say "excessive inquiries" if you have one inquiry. Some will say that after many inquiries. It depends on how many and how recent they are.
On the FICO impact per inquiry, it's not a set amount. At one point I had 30+ each on EQ and EX and all were inside one year. After a couple or so FICO will typically ignore additional inquiries. When I was adding them my FICO from here wasn't moving any. It also depends on how many are there prior to the one being added AND how many new accounts are reporting and how recent those accounts were in relation to it all. That's also a part of the 10%.
01-21-2013 08:43 AM
01-21-2013 09:30 AM
OP didn't mention having 30 inquiries. I did. I was relaying the FICO impact to adding more and more. Inquiry damage is overrated per FICO and it isn't a flat 5-10 per inquiry. I certainly though would never advocate someone applying for 60+ times in a row like I did. Stupid credit phase. Only apply for credit that you need and when it comes to applying for a home, aim for 0 inquiries. When we applied I had 1 across all 3 (DW had 0) and I did have to explain that one.
01-21-2013 09:50 AM
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