Inquiries due to buying my home

[jackg]

We bought our retirement home in November 2014 after about 6 months of looking & looking and looking some more, what a tedious task!!! During the process our credit reports were pulled on 4 seperate occasions and then after we got moved in the cable company dinged us for a fifth one. My question is, how badly are these inquiries hurting us? To me it seems like cruel and unusual punishment for these things to be hurting our scores because ALL were incurred while pursuing ONE single goal, am I out in left field? Can anything be done to mitigate the damage to our scores?

One last thing, my mortgage payments to Wells Fargo began January 3, 2015 and today when I bought all 3 FICO scores and reports I found NOTHING being reported about my mortgage, unusual or not?

BURNED FOR BUYING

[frugalQ]

no need to fret over 5 inquiries...your credit score is not being punished too hard by them.  in addition, if any of those mortgage pulls  were within a 30-day timeframe, they are being scored as one inquiry.

it takes 2-5 months (or longer) for your mortgage to start reporting.

[BigBS]

Took 4 months for my Wells Fargo mortgage to start reporting.

[Lemmus]

...don't sweat the recent mortgage or utility queries ...you already have the mortgage and neither CC or Auto lenders will weigh the related queries badly against you 

...it can take months for a new mortgage to show up ...it has to be recorded first ...and then if your lender sells the loan or the servicing, it can add more delays ...hth

[jackg]

Thanks to all for the replies, they do help because I had no idea it would take so long for WF to report my mortgage. Any guesses which direction my scores will go after it does begin reporting?

[frugalQ]

usually you get a few points bump when a mortgage starts to report.  It seems FICO looks favorably on mortgage installment loans.  when we refi'd our house in 2012, we lost points when the old mortgage reported closed.  and we gained them right back when the new mortgage started reporting after about 3-4 months.  if it starts to report at 6 months, you will have 6 months worth of positive payment history showing up.

[Anonymous]

I have 24 inquiries, plus one for cable now.  I wouldn't worry 

[Anonymous]

Hi Congrats on your home! Sorry about all the inquires. I'm considering going through Wells Fargo and just wanted to know your experience with them? Thank You

[Anonymous]

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@jackg wrote:

We bought our retirement home in November 2014 after about 6 months of looking & looking and looking some more, what a tedious task!!! During the process our credit reports were pulled on 4 seperate occasions and then after we got moved in the cable company dinged us for a fifth one. My question is, how badly are these inquiries hurting us? To me it seems like cruel and unusual punishment for these things to be hurting our scores because ALL were incurred while pursuing ONE single goal, am I out in left field? Can anything be done to mitigate the damage to our scores?

One last thing, my mortgage payments to Wells Fargo began January 3, 2015 and today when I bought all 3 FICO scores and reports I found NOTHING being reported about my mortgage, unusual or not?

BURNED FOR BUYING

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Congrats on the house and enjoy it.  Don't worry about the inquiries..

[jackg]

So far Wells Fargo has been very responsive to all my questions, I don't think you can go wrong with them.