@Anonymous wrote:
Have a quick question,
I'm looking to securing a home loan and purchase a house in the coming months. Problem is my credit score is pretty borderline to getting any type of loan - 640.
I have 3 hard inquiries from 2/24/2010, 1 hard inquiry from 6/10/2010 and 1 hard inquiry from 9/7/2010. I've researched around and blogs have been telling me that inquiries stop being counted against your FICO, 1 year after the date. Is this true? That being said, should I try to process my home loan credit pull on Feb 25th? This would be 1 year after the date. Or does it take a few days or months after the date to clean from your record? I also heard that at 6 months, an inquiry becomes less of a factor which means I should really wait until March 8th (6 months after my last hard inquiry) to try for the home loan. I love this site completely and would appreciate any info.
Yep. They stop being factored into your FICO score at the one year mark. Inquiry damage is overrated. Most of my inquiries resulted in no score change. However, if you have any new accounts associated with those inquiries, then I'd expect gains as those hit one year. Per lending, lenders can frown on inquiries leading right up to the mortgage, but I had one 3 months prior to my mortgage app and they never questioned me about it.
