Reply
Frequent Contributor
Posts: 328
Registered: ‎01-26-2012
0

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 20,000,NFCU Plat 17,000, NavCheck 15,000, 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 Emeritus
Posts: 7,225
Registered: ‎09-16-2011
0

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
Posts: 504
Registered: ‎08-28-2012
0

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
Posts: 426
Registered: ‎02-09-2012
0

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
Posts: 961
Registered: ‎12-21-2010
0

Re: Buyers remorse!!

SSSShhhhhhhhhhhhh!
Experian® 808/Equifax® ?/TransUnion® 810
Baddies Experian® clean/Equifax® 1/TransUnion® Clean
Last CLI 6-13-2013
Total Credit $121,190.00
Goal 780!
Regular Contributor
Posts: 211
Registered: ‎08-23-2012
0

Re: Buyers remorse!!

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

Valued Contributor
Posts: 2,110
Registered: ‎12-29-2011
0

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: 764 (EQ) 732 (EX) 757 (TU) 9/14 | Goal score: 750+ (all 3)
Tradelines: Capital One QS NPSL (5.0k) | Discover IT (6.0k) | Walmart Mastercard (5.0k) | Chase Freedom NPSL (7.3k) | Citi Simplicity (9.3k)






Epic Contributor
Posts: 24,664
Registered: ‎10-23-2007
0

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- 670., TU 705 Sync, EX 728 SoFi(05/04/15)
I'm just trying to catch up to RON1
88 Cards and Counting :smileytongue:
Blogger
Posts: 2,876
Registered: ‎02-02-2012
0

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
Posts: 328
Registered: ‎01-26-2012
0

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 20,000,NFCU Plat 17,000, NavCheck 15,000, 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.




Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.