Score hits for hard inquiries

[rarrrr]

Ok, this isn't a question, but more of what happened.

I had my scores originally pulled on November 10, 2009 for Wells Fargo pre-approval - 801ex, 705eq, 707tu.

I had to get a pre-qual from Chase for a Chase owned REO on December 29,2009 - 786ex, 701eq, 724tu.

They all said that my credit score was affected by too many inquiries in the last 12 months.

My TransUnion score is all f'd up because they removed a valid line of credit. Coincidentally, it went up because the line of credit they removed was my fairly new Southwest card, thus increasing my average age of accounts.

Regardless, if you're looking for a house over several months and have to get your credit pulled several times, your scores are going down. 

[Anonymous]

yep.  They wait 30 days after to count mortgage apps after you apply (which means your score will take a further hit from the inquiry you just had as well).  They also count all inquiries in 14 days as 1.  But, if the aps are spread out over time, you take some hits. 

[Anonymous]

Also, as a hint, the higher your score, the more sensitive it is to items in general.

[ArmyStrong]

The hits I've taken so far were minimal. And they seem to bounce back quickly, as long as you're still working on your credit.

[rarrrr]

I'm not sure what I can do to "work on my credit". The factor that's bringing my eq and tu scores down is a $175 paid medical collection from four years ago when my address didn't get forwarded properly. I paid it as soon as I found out about it about six months ago, but CA refuses to take it off. I tried HIPPA with no luck.

Anyways, I'm not sure what more I can do to get my scores higher since I'm currently looking for a home - I don't want to open any more lines of credit.

Thanks

[Anonymous]

Credit is fine and does not need work  in reality mid score went up so as far as loan approval you should be in better shape.  One score went down a couple points, one stayed about the same, and one went up.  Fairly even change overall.  You would need to really jump your scores up to the 740 to 760 level I think to see any real boost in puying power/rates and that would mainly be if you went conventional.  Most other loan programs you are not going to see any lower costs due to any higher score.