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Are they looking at the 2 year history or are they looking at the one year history that FICO counts?
I have same question, credit file shows enquiries of 2 years but how lenders consider while taking decision?
May be some lenders look at enquieris of past 6 month only !! Just becoming too optimistic
The effect of inq on FICO lessens at 6 mos and has no effect after 1 yr. What the creditor uses to make their decision depends on them. The likelihood is that inq past 1 year won't have an effect, but creditors can see them.
Different lenders have different criterea in different situations. But they can all see the full two years on manual review. Whether they want to base a credit decision on a slew of inquiries 1.5 years ago is at their own discretion.
@DaveSignal wrote:Different lenders have different criterea in different situations. But they can all see the full two years on manual review. Whether they want to base a credit decision on a slew of inquiries 1.5 years ago is at their own discretion.
+1
@Anonymous wrote:
@DaveSignal wrote:Different lenders have different criterea in different situations. But they can all see the full two years on manual review. Whether they want to base a credit decision on a slew of inquiries 1.5 years ago is at their own discretion.
+1
+2
I know when I apped (and was denied ) for the citi forward months ago it was because of too many inquiries in the last 6 months, others will say in the last 12 months on their denial letters. Definitely a variation by lender, and I assume if you get a manual review it may even vary by app depending on your situation.
I think CITI does that no matter what, even for a CLI.
Yesterday, requested CLI on my wife's Citi Diamond through the website. Some of the reasons such as high balances, utilization, were valid, and I accept that. They were looking at July data, not current data which is much better....
What I don't accept is the generic reasons that have no basis in reality...not my version anyway ... and I think of myself as a somewhat sane person... most days ,
"Too Many inquiries" Seriously CITI??? There were 5 - yes FIVE - in two years; the most recent being 9 months old.....One in March 11, two in Sept 11, one in Dec 11. Nothing since. Two of them were from CITI.
Do they count "mortgage shopping" as 1 the way FICO does? Or will they count those all individually as having too many inquiries?
I think it depends. If you get denied for too many inquiries after mortgage shopping I would call up and do a recon and explain it was for a mortgage.