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How will this affect my score

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Anonymous
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How will this affect my score

I'm currently looking to buy a house.  I got pre-qualified for a loan then started looking.  Most of the houses I have looked at are REO's and to put a bid on them I have to be pre-qualified with the bank that owns the house.  So now I have 2 inquiries a week apart from April and will likely have a few more before I finally get a house.  My understanding is if they are close together they are counted as 1.  How much will it affect my score if they are several months apart?   Any way to reduce the affect?  When I look at my EQ score it says one of the negatives is the fact I am seeking credit.  Thank you.

 

26 Jul 2009

 

TU 736     EQ 745

Message 1 of 5
4 REPLIES 4
BungalowMo
Senior Contributor

Re: How will this affect my score

If they are several months apart, it will hit your score like a new inq each time.  I think anything pulled between a 2 week period counts as one inq. (score wise)

 

 

BK 7 discharge 06.24.2020 No Fico score at all. Smiley Sad
Message 2 of 5
Anonymous
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Re: How will this affect my score

I've noticed in my Equifax score with the scorewatch that sometimes the inquiries don't cost me any points and other times it's as little as one to three points.  Not to say go nuts applying for things but I wouldn't lose sleep over applying for prequalification when you're going to put a bid on a house.  If you happen to be going FHA, you'll likely get the same rate whether your score is 620 or 740.  If you're going conventional, you may be on the border for the best rate so if there's anything you can do for a few extra points it may be worth you while..say, bringing down credit card balances, etc.  Good luck!
Message 3 of 5
Anonymous
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Re: How will this affect my score

Thank you.  I will most likely go conventional.  I just paid off the last of my credit cards so hopefully that will give me a few extra points.  Of course Chase just did a CLD of my old Wamu CC.  I just love the reason they gave "Total available credit on satisfactory bankcards is too low"  if you don't think I have enough credit then shouldn't you be giving me a CLI not a CLD.  At least they didn't close it yet. 
Message 4 of 5
Anonymous
Not applicable

Re: How will this affect my score

All 8 of the offers we put in were for REO's.  It was over the span of 2 1/2 months.  If I had to pre-qual with every bank I would no longer be approved because my credit score would have fallen under the min I'm sure, lol.  My realtor advised us to put a condition in the offer that if the seller took our offer, we would go through them to get the loan.  Dont know if it worked or not, the house we got is being financed by the only broker I went to but it was worth a shot!

Message 5 of 5
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