cancel
Showing results for 
Search instead for 
Did you mean: 

Taking action: 2 Inq, 1 Loan

tag
ztnjpv
Established Contributor

Taking action: 2 Inq, 1 Loan

Back in 5/12, I applied for and got a mortgage on a rental property. All this time, I have had 2 HPs on my EX report for this mortgage from the two banks I applied with ever since. All this time I presumed they counted as one HP since they were for the same loan and done on back to back days. But now, I am not so sure. 

 

How can you know how they count? I read a thread on here about needing to know how the HPs are "coded". I am not sure what to look for in this regard. My two HPs that I can see at freecreditreport.com list both inquiries as "All Banks- Non Specific". What should make of this?

 

Has anyone tried approaching EX or the other two about this type of matter? What do you do to try to find out if mutlple HPs for the same loan truly count as one or two on your report? Is this something you dispute if you feel both inquiries are being counted?

Start (Sept 2011): low-mid 600s. NOW: TU FICO: 801, EQ FICO 808, EX FICO 798 (PSECU). Goal: Achieved! Now Maintain!
Message 1 of 10
9 REPLIES 9
pizzadude
Credit Mentor

Re: Taking action: 2 Inq, 1 Loan

 

Unfortunately there is no obvious way to tell how inquiries are coded just by looking at your credit reports.   But since your lender pulled your credit twice in two days for a mortgage application, FICO will only score them as a single inquiry.    FICO looks at the specifics of the lender that pulls your report to identify applications for Morgages, Auto Financing, Student Loans, etc...

 

I wouldn't bother contacting Experian, I doubt they would be helpful in answering questions about FICO.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 2 of 10
ztnjpv
Established Contributor

Re: Taking action: 2 Inq, 1 Loan

Pizzadude,

 

The two pulls on back to back days were by two different banks. 

Start (Sept 2011): low-mid 600s. NOW: TU FICO: 801, EQ FICO 808, EX FICO 798 (PSECU). Goal: Achieved! Now Maintain!
Message 3 of 10
pizzadude
Credit Mentor

Re: Taking action: 2 Inq, 1 Loan

 

They should still only count as a single inquiry by FICO if they were both for mortgage applications.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 4 of 10
ztnjpv
Established Contributor

Re: Taking action: 2 Inq, 1 Loan

"SHOULD" count as one is the operative word here. Both are listed on my report with no hint as to how they are counted.

Start (Sept 2011): low-mid 600s. NOW: TU FICO: 801, EQ FICO 808, EX FICO 798 (PSECU). Goal: Achieved! Now Maintain!
Message 5 of 10
chasmith
Valued Contributor

Re: Taking action: 2 Inq, 1 Loan

I just bought my EQ FICO scoring report which states how many inquiries were counted in scoring.  By looking at my actual credit report I see that mortgage and auto inquiries were in fact combined.  It's not perfect and miscoding can mess things up, but combining auto and mortgage HPs within a time windows as one is in fact done.

BK7 Filed 8/11/2009 Discharged 11/23/2009. Purchased new home 4/11/2012
Starting Score:11/16/2009 EQ 566 11/16/2009 TU 538
Interim Score: 12/27/2012 EQ 683 09/17/2012 EX (lender) 670 1/01/2013 TU 701
Current Score: 11/06/2013 EQ 708 11/06/2013 EX 702 11/16/2013 702 11/06/2013 TU 729
Goal Score: EQ 740 EX 740 TU 740
Take the FICO Fitness Challenge
Message 6 of 10
HoldingOntoHope
Valued Contributor

Re: Taking action: 2 Inq, 1 Loan

The de-duplication of the inquiries is only within the FICO scoring algorithm so the bureaus themselves have nothing to do with it. The way the reasons for the inquiry are displayed can vary between reports depending on what service the reports are pulled from. I know that there is a request that can be made to the bureaus for "All information in the individuals credit file". It requires a specific request letter and a set payment. Search RobertEG's posts as he has mentioned it on several occasions. I don't know if this will show whether the inquiries are coded as "Mortgage inquiries" or not.

 

To be honest the impact of inquiry damage is minor when we are talking about the difference between 1 and 2 or 1 and 3. And FICO algorithms only count inquiries for scoring purposes for 1 year although they remain visible on reports for 2. Lastly, there is no provision with the bureaus for disputing the validity or coding of inquiries specifically under the credit laws.

Best financial advice I ever got: "Just imagine what an adult would do and do that."

Starting Score: 500's
Current Score: EQ 701 (FICO) TU 721 (FICO) EX 715 (Quizzle)
Goal Score: 760 ALL


Take the FICO Fitness Challenge

Message 7 of 10
pizzadude
Credit Mentor

Re: Taking action: 2 Inq, 1 Loan

Yes, you can't tell just by looking at your reports unfortunately. But mortgage related inquiries will be counted as a single inquiry as long as they fall within the FICO scoring window , 14 - 45 days depending on the FICO model used.
March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 8 of 10
RobertEG
Legendary Contributor

Re: Taking action: 2 Inq, 1 Loan

The basic distinction between so-called "hard" and "soft" inquiries is that softs are only viewable by the consumer, while hards are viewable to anyone who pulls your CR, including for credit scoring.

 

Thus, when you pull your own CR, all can/should be shown, so that info is not immediately evident.

However, when considering their scoring, only the so-called hards are picked up by the FICO algorithm.

 

There are two general ways to determine whether others see them.

First, obviously, is to get your hands on a CR pulled by someone else.  If they see them, they are "hard."

Second is to get a full, expanded CR that includes the inquiry codes, which ultimately determine who sees them.  Most commercial CRs arent too concerned with completeness, as evidenced by the lack of numerous types of information, such as inquiry codes and of showing any reported DOFD for collections and charge-offs.

 

The CRs available at annualcreditreport.com, established to meet the statutory mandate of one free CR each 12 months, usually tend to be more comprehensive than commercial credit reports.

 

One could additionally file an FCRA 609(a)(1) request with the CRA, which entitles any consumer to receive any information of record in their credit file at the time of the inquiry.  However, such requests require payment of a CRA processing fee, which is currently $11.00.

 

 

Message 9 of 10
AndySoCal
Valued Contributor

Re: Taking action: 2 Inq, 1 Loan

Call the bureau or the sorce of the report and ask the m what the permissable purpose wad for those two inquiries?

 

 

FICO Scores XPN v8 802 V2 831 (SDFCU) TUC 803 v8 EFX 807 (10/2023)
Discover 09/90 19,000, JCPenney 10/2008 4,700 US Bank Cash+ 12,000 Citibank Custom Cash 5/2015 11,100 C State Dept. FCU 15,000 06/2023 , 02/2024 Redstone FCU Signature VISA 10,000 Banking: Ally Bank Credit Unions: Lafayette FCU Quorum FCU State Department FCU State Department FCU Pelican State CU Redstone FCU

Message 10 of 10
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.