So recently my car broke down, I was carless, and I had to try and get a car loan.. Needless to say I got denied from 7 places. I now have 7 new inquiries on my credit, and my girlfriend still wants to attempt to app for our first mortgage in May. Do you think the app spree for a new car killed my chances? Or will I just have to write letters of explanation on them to the mortgage company?
Starting Score: myFico Scores Equifax 544 Transunion 585
No, no new accounts were opened. They were trying despite my scores (639, 655 and 679) they denied me because when my auto enhanced ones were pulled my repo weighed alot heavier. I had heard that alot of companies would prefer that there are no inquiries for 6 months before apping, and 0 done while the process in taking place.
Not a big deal. Just write a short LOE that you were car shopping but did not open any loans. No harm no foul. If done in a short period of time the hit to your score will be minimal as well.
Thanks guys! All were done in 1 day. My score actually went up. Mostly because my new under 9% utilization on all my credit cards hit my report today.