I understand that alot of times when applying for a home loan the loan officers don't like seeing alot of inquires on your credit report prior to applying (usually 12 months prior), and even though i'm pretty well off on getting a home loan, maybe within the next year or so, I was wondering which inquiries are okay in the loan officers eyes?
The reason why im asking I found a bank that offers a higher interest bearings savings account and I want to open up an account with them and transfer from my current low interest savings into this higher interest savings. However when I was going through the application process I got the declaimer of "You allow us to contact consumer reporting agencies to obtain information about you...." and I immediately cancelled the application.
I hate inquires, not only do they look ugly on your reports they can sometimes hurt your scores as well, and thats not what I need right now. However, this inquiry is not necessarily a "looking for credit" inquiry so I was wondering if say I were to open this account and I recieve an inquiry on my credit reports, and then say 5 months from now I try for a home loan would this type of inquiry be frowned upon, or will the loan officer see it as I was just in the process of opening up a new savings account?
Just curious as what are considerd "ok" inquires and which ones are not. If that makes any sense. There is probably no such thing as an "ok" inquiry.
Thanks for reading.
v/r
JShidell
