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Inquiry and Credit Score

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New Contributor

Inquiry and Credit Score

My mid-score is 640 - I need a 640 to qualify for the bond money program.  I'm having my credit pulled on Friday for a mortgage - will this drop me under the 640 I need?

Message 1 of 9
8 REPLIES
New Contributor

Re: Inquiry and Credit Score

I currently have 7 inquiries within the last year.  Unfortunately 2 of them were from the first mortgage company on Oct 1.

Message 2 of 9
New Contributor

Re: Inquiry and Credit Score

Upon further investigation - one inquiry is from 11/29/11 so it will stop affecting me the day before the new inquiry.  It might just be a wash - yes, I'm rambling now.

Message 3 of 9
Valued Contributor

Re: Inquiry and Credit Score

Yeah I think you might take a hit.

Message 4 of 9
Established Contributor

Re: Inquiry and Credit Score

from what I understand, FICO doesn't score mortgage related inquiries for a period of time, I think it's 30 but it might be 14.. you might have to do some research on it. This gives you a chance to close on the house before you get a score drop

Message 5 of 9
Regular Contributor

Re: Inquiry and Credit Score

My understanding is if your score is currently 640 then THIS pull should be 640, the hit (if any) will show up the NEXT pull.  I could be wrong but this is what I've heard. 



Starting Score: EQ 609 EX 570 TU 656 March 2012 CH 7 BK 12/08
Current Score: EQ 691 EX 694 TU 713
Goal Score: all 3 700's.
Quicksilver $5000 Discover IT $1500 Barclays NFL $1250 Walmart $1500 CL Applied Bank $300 (secured)

Take the FICO Fitness Challenge

In the Garden till 12/14
Message 6 of 9
Valued Contributor

Re: Inquiry and Credit Score

See that I dont understand, mortgage pulls are batched up in like a 30 day period. So if I have a couple lenders pull my credit I wont get it for each one during that 30 days.

 

So if I get pulled today at a 640 and pulled tomorrow by a different lender they should see the same score. This makes me think you take the hit on the first pull you get.

Message 7 of 9
Regular Contributor

Re: Inquiry and Credit Score

"So if I get pulled today at a 640 and pulled tomorrow by a different lender they should see the same score. This makes me think you take the hit on the first pull you get."

 

I've had 5 hard pulls for a mortgage in the past 6 months. Every one of them (for EQ) were exactly the same as what my score watch said the day before it was pulles. To me that means the score you see online is your score for the very next pull....hit taken next. 

 



Starting Score: EQ 609 EX 570 TU 656 March 2012 CH 7 BK 12/08
Current Score: EQ 691 EX 694 TU 713
Goal Score: all 3 700's.
Quicksilver $5000 Discover IT $1500 Barclays NFL $1250 Walmart $1500 CL Applied Bank $300 (secured)

Take the FICO Fitness Challenge

In the Garden till 12/14
Message 8 of 9
Valued Contributor

Re: Inquiry and Credit Score

Hit taken next, i like that thinking. I think you may be right.

Message 9 of 9