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Established Contributor
S7
Posts: 568
Registered: ‎08-24-2012

Inquiries on report effect?

When starting the home loan process, how badly does the amount of  inquiries effect chances? 

"When you are down in the mouth, remember, everything turned out ok for Jonah."

Current FICO's(by lender) 10/9/12
EX:649, EX:651, TU:683
Valued Contributor
beb86
Posts: 1,117
Registered: ‎10-31-2011

Re: Inquiries on report effect?

as long as its not excessive...you may just need a LOE

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Established Contributor
S7
Posts: 568
Registered: ‎08-24-2012

Re: Inquiries on report effect?

I've gotten my first CC's to beef up my "variety" of credit, all I've ever had was 2 auto loans, one paid off, the other in good standing. I know the new TL's have to be at least 6 months old, but I was curious as to the effect of the the inquiries once the 6mths are up and the husband and I begin the home loan search process again. (had to post pone it due to losing $150 a month and having to clean up his report)

"When you are down in the mouth, remember, everything turned out ok for Jonah."

Current FICO's(by lender) 10/9/12
EX:649, EX:651, TU:683
Valued Contributor
beb86
Posts: 1,117
Registered: ‎10-31-2011

Re: Inquiries on report effect?

Most of the time the want to see 4 TLs but you can always use non-traditional TLs (rent,utilities,etc)

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Frequent Contributor
seigex
Posts: 425
Registered: ‎05-16-2012

Re: Inquiries on report effect?

I have 7 on EX 9 or 10 on EQ and 5 on TU (prior to the mortgage app) and the lender said they are ok.. i'll prob just have to do LOEs (letters of explanation)

 

 

Lender Pull (11/3/12) FICO EX: 740 EQ: 680 TU: 702

NFCU VISA $17.5k / USAA AMEX $6k / USAA AMEX $4k / USAA VISA $4k / CHASE FREEDOM $3k / Capital One $500
Established Contributor
S7
Posts: 568
Registered: ‎08-24-2012

Re: Inquiries on report effect?

Hmm, what kind of letters of explantion do they want for them? Seems crazy they would want that doesn't it? Lol,l I mean, its pretty obvious! :smileyvery-happy:

"When you are down in the mouth, remember, everything turned out ok for Jonah."

Current FICO's(by lender) 10/9/12
EX:649, EX:651, TU:683
Valued Contributor
beb86
Posts: 1,117
Registered: ‎10-31-2011

Re: Inquiries on report effect?


S7 wrote:

Hmm, what kind of letters of explantion do they want for them? Seems crazy they would want that doesn't it? Lol,l I mean, its pretty obvious! :smileyvery-happy:


Just to explain the INQ.... "I applied for a few CC's to help my overall credit utli" short and sweet  

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Established Contributor
S7
Posts: 568
Registered: ‎08-24-2012

Re: Inquiries on report effect?

Ahh, I see! lol :smileyhappy: Thank you!

"When you are down in the mouth, remember, everything turned out ok for Jonah."

Current FICO's(by lender) 10/9/12
EX:649, EX:651, TU:683
Regular Contributor
jnkp2001
Posts: 135
Registered: ‎01-04-2012

Re: Inquiries on report effect?

My score dropped from 651 to 639 :smileymad: on just two inquiries from lenders.  Of course, I now have a total of 13 inquiries.:smileywink:  I did the same thing.  Just wanted to make a lower utilization percentage.  Fortunately, I had a 651 when the mortgage co. checked.  I believe they last 90 days.:smileyhappy: 

FICO EQ: 633 8/15/12
lender pulled 11/3/12 EQ 661 TU 650 EX598
credit Karma 674 credit sesame: 663
B/K discharged 2/2006......closed 8/2012

May your limits be high and your balances low!

Frequent Contributor
JPersat
Posts: 299
Registered: ‎05-28-2012

Re: Inquiries on report effect?

I have 17 on TU. no big deal to our LO. They all had a reason behind them. 16 on EQ and idk on EX.

Starting Score: 492 02/12
Current Score: TU: 668 (FICO), EQ: 668 (FICO). EX: 651(lender pull 9/27/12)
Goal Score: 660




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