How many inquiries hurt?

[PRILEY]

I am gonna apply for a refinance and was wondering just how many inquiries hurt and to what degree? I want to apply for membership in USA CU but don't want an extra inquiry now. Right now I only have 1 inq on each report in the last year.

[fused]

I would never app for anything before a mortgage/refi app. It might not hurt you, but it will never help you.

[marty56]

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@fused wrote:

I would never app for anything before a mortgage/refi app. It might not hurt you, but it will never help you.

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+1

Even if you are going to refi witha CU, don't apply for membership at the CU untill they force you too.  RBFCU required me to apply for membership after I was approved for me refi which is ok.

[Anonymous]

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@fused wrote:

I would never app for anything before a mortgage/refi app. It might not hurt you, but it will never help you.

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+1

Because then you'll be at the mercy of the underwriter who will want to know why you've applied for credit and that can get sketchy.

[PRILEY]

Marine....Where was it answered??"I would never app for anything before a mortgage/refi app." I just asked how many inq hurt you. Thinking of apping for CU membership this is where this discussion is going on,FUSED I then posted the same question on the mortgage board conerening the impact on the refi cause I've never seen DALLAS or SHANE post over here.  I have 1  inq on each CB.Can't believe that opening up a checking account affects FICO.

[MarineVietVet]

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@PRILEY wrote:

Marine....Where was it answered??"I would never app for anything before a mortgage/refi app." I just asked how many inq hurt you. Thinking of apping for CU membership this is where this discussion is going on,FUSED I then posted the same question on the mortgage board conerening the impact on the refi cause I've never seen DALLAS or SHANE post over here.  I have 1  inq on each CB.Can't believe that opening up a checking account affects FICO.

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You got three different answers right here although they might not have been the answers you were looking for.

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800
TU - 8/10-772
You can do the same thing with hard work

[Anonymous]

I'm sure it varies based on your credit situation. For me on EQ, 2 inquiries had zero effect, when I got a 3rd inq my score dropped 6 points with the "You've recently been looking for credit" reason. No other changes in the report.

So, if my case is anything like the norm then 2 inqs do nothing, 3 or more and you start to loose points.

[PRILEY]

Thank you X. Thats what I was wondering if someone had facts,I know everyone has an opinion. Marine.. not looking for any particular answer. I am looking for numbers, if that number is 0 then so be it.

[haulingthescoreup]

When it comes to scores, it varies by individual, and by credit bureau. I have found that the first one doesn't hurt, but the second one does, then the third one doesn't, and the fourth one does. It was different for Xeoz (wow, spellcheck hates that one! ), maybe because of different length of history or something.

When it comes to lenders, they're all over the map. Mortgage lenders seem especially squeamish about inqs.

Since you mentioned refi, I wasn't sure if you were asking about score hurting or approval hurting.

[Anonymous]

Between EX, EQ and TU I have 9, 7 and 13 in that order.

BUT... all the INQs are >12mos.   One is 12mos, the others range between 19-22 months, so they drop fairly soon.

I know Navy doesn't care about old INQs ($30K cashRewards CW /w 10 INQs!!!).     But I'm way more worried about mortgage underwriters.

I put the kibosh on any apps and am avoiding ANYTHING that triggers a hard.    So I'm not even reconnecting my cable TV b/c I'm afraid of a hard.   Not gonna drop my cell phone and switch to another company... again b/c I'm afraid of a hard.

I got EQ in the 800 Club when I dropped from 10 INQs down to 7. None of my EQ inqs count anymore towards my FICO score, but they're sitting on my report

like a dead barnacle.

When my INQs eventually get to zero I should be firmly in the 800 club.