General Credit Topics

[bbb3601]

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!!!!

[webhopper]

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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!!!!

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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

[djrez4]

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webhopper wrote:

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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!!!!

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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

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That's not exactly true.  It's just not something we talk about here.

[TeeandDee]

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djrez4 wrote:

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webhopper wrote:

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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

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That's not exactly true.  It's just not something we talk about here.

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Really?? Do tell??  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.

[Smug]

SSSShhhhhhhhhhhhh!

[alboto]

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

[maiden_girl]

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.

[Creditaddict]

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...

[FrugalRican]

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.

[bbb3601]

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.