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Valued Contributor
my-own-fico
Posts: 1,216
Registered: ‎01-05-2010
0

Are inquiries created equal?

Do mortgage lenders consider all inquiries to be created equal? More specifically, do they distinguish between deposit accounts and credit accounts? Do they at all express any reservation about applying for deposit accounts?

Reported credit card debt EQ $0 TU $0 EX $0
Established Contributor
DrZoidberg
Posts: 503
Registered: ‎04-03-2014
0

Re: Are inquiries created equal?

They usually focus on inquiries for loans or apps for credit. Ours didn't care about the inq for a savings and checking.

Established Contributor
TimeToRecover
Posts: 568
Registered: ‎03-21-2013
0

Re: Are inquiries created equal?

Well my experience.  I don't leave anything up to chance so I asked my LO.  The Mortgage bankers I am working with are fantastic.  Anyway.  I found out I am elgible to join NFCU and I want to do so.  So I asked my LO since I know they do a hard pull for the app.  She said it would be best to wait (I am doing a new build so it means waiting till November) but her question to me was "is it worth the slight extra % in interest vs keeping a clean file up to closing"

 

just my 2 cents worth.  I am waiting on my NFCU app.

 

 


Starting Score: 570 ish
Current Score:EX (666) Fair Isaac Ver24/21/2014, EQ (669) Beacon 5 4/21/2014, TU (699) Fico Classic 04 4/21/2014 (ALL MORTGAGE PULL So close to that 700)
Goal Score: 750
NEW HOUSE - Building 60% complete
In My Wallet: GE Care Credit (8K) BofA Cash Rewards Signature Visa (5K) Cap One Quicksilver (4.5K) Chase Freedom (4K) VS Angel Card (900)
Moderator
pizzadude
Posts: 9,669
Registered: ‎01-28-2010
0

Re: Are inquiries created equal?

Remember that you'll take a FICO score hit for inquiries, so most people will generally refrain whilst they're in underwriting.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Established Contributor
DrZoidberg
Posts: 503
Registered: ‎04-03-2014
0

Re: Are inquiries created equal?

I probably should add that ours was to open the accounts to become a member. Which we had to do before the loan finalized anyways or else we can't use them for a loan.

Super Contributor
DallasLoanGuy
Posts: 6,178
Registered: ‎07-03-2007
0

Re: Are inquiries created equal?

our ONLY concern is whether you have obtained any new credit not disclosed on the application or hasnt started reporting to the credit bureaus yet

 




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