Reply
Frequent Contributor
bbb3601
Posts: 327
Registered: ‎01-26-2012

Buyers remorse!!

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!!!!

NFCU Cash Rewards 16,500,NFCU Plat 17,000, NavCheck 10,000, USAA Cash 4,000, USSA Rate Adv 2,000, USAA AMEX 3,500, Freedom 2,000, Capital One 2,000, Barclay's Apple 1,500, Barclay's Ring 1500, Various Store Cards.




Moderator
webhopper
Posts: 7,230
Registered: ‎09-16-2011

Re: Buyers remorse!!


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


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



Take the myFICO Fitness Challenge
Established Contributor
djrez4
Posts: 504
Registered: ‎08-28-2012

Re: Buyers remorse!!


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.

Frequent Contributor
TeeandDee
Posts: 426
Registered: ‎02-09-2012

Re: Buyers remorse!!


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.

Slowly building....
Established Contributor
Smug
Posts: 960
Registered: ‎12-21-2010

Re: Buyers remorse!!

SSSShhhhhhhhhhhhh!
Experian® 777/Equifax® 655/TransUnion® 770
Baddies Experian® clean/Equifax® 1/TransUnion® Clean
Last CLI 6-13-2013
Total Credit $111,190.00
Goal 780!
Regular Contributor
alboto
Posts: 211
Registered: ‎08-23-2012

Re: Buyers remorse!!

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

Valued Contributor
maiden_girl
Posts: 2,005
Registered: ‎12-29-2011

Re: Buyers remorse!!

[ Edited ]

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.

The truth is out there...
FICO scores: 724 (EQ) 709 (EX) 711 (TU) 4/14 | Goal score: 750+ (all 3)
Tradelines: Capital One (5.0k) | Discover IT (5.0k) | Walmart Discover (5.0k) | Chase Freedom NPSL (7.3k) | Citi Simplicity (9.3k)
--------------------------Gardening until my credit recovers...NO MORE INQUIRES TIL 2015
Mega Contributor
Creditaddict
Posts: 18,578
Registered: ‎10-23-2007

Re: Buyers remorse!!

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...

Fico Scores: EQ 639 Navy, TU 667 GE, EX 677 Prosper (06-27-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Fidelity Amex $25k (AU)
Lowest Limit: Buckle $250
Over 30 Cards in between :smileytongue:
Blogger
FrugalRican
Posts: 2,876
Registered: ‎02-02-2012

Re: Buyers remorse!!

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.

Follow my financial journey: http://www.frugalrican.com


EQ FICO (01/16/2012): 656 - EQ FICO (02/16/2012): 743 - EQ (02/24/2012): 760 - EX (04/28/2012): 739 - GOAL 2013: 800+

AMEX BCE (0/10K) --- BOA 1-2-3 (0/15.9K) --- Discover More (0/6K) --- Chase Freedom Visa (0/1.4K) -- Hyatt Visa Sign. (0/5.8K) -- Barclay's NFL Card (0/7.5K) -- Chase Sapphire Preferred (0/5K)

Frequent Contributor
bbb3601
Posts: 327
Registered: ‎01-26-2012

Re: Buyers remorse!!

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. 

NFCU Cash Rewards 16,500,NFCU Plat 17,000, NavCheck 10,000, USAA Cash 4,000, USSA Rate Adv 2,000, USAA AMEX 3,500, Freedom 2,000, Capital One 2,000, Barclay's Apple 1,500, Barclay's Ring 1500, Various Store Cards.





myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+