Mortgage Inquiries

[jd403]

I did some mortgage shopping in January of last year and had read a bunch of posts where I believed that if I shopped within a week, they would be considered one instance and drop after 4 months.  Is this true?  

Here I am a year later and I have inquiries still showing for a period between 1/28/16 and 2/10/16 all for mortgage

thanks

[Anonymous]

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@jd403 wrote:

I did some mortgage shopping in January of last year and had read a bunch of posts where I believed that if I shopped within a week, they would be considered one instance and drop after 4 months.  Is this true?  

Here I am a year later and I have inquiries still showing for a period between 1/28/16 and 2/10/16 all for mortgage

thanks

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Generally the rule for multiple mortgage and auto inquiries done in a short period of time is that they are considered as one solely for the purpose of FICO scoring.  Nonetheless they all still individually show on your reports and will stay there for 2 years after they were incurred.   Additionally any effect on your FICO scoring from inquiries is over after one year.  So in your case I wouldn't let it bother you because they aren't doing you any harm.  If you were to apply for anything credit related and were denied due to 'excessive inquiries' (very unlikely after a year), you could easily explain that these were for the purpose of obtaining a mortgage.

Hope this helps.

[Anonymous]

FYI I have 60 inqs just on EX over the last 2 years (most over a year old, ~1-3 in the last 4 months). Not a single creditor has mentioned it or asked me about it, inc my mortgage lender.

I strongly believe we worry way too much about HPs. Unless you are planning on apping every single month, I don't think it matters. Just hold off when you are planning to apply for something big.