Will the inquiries hurt me?

[Anonymous]

Hello,

I just found out that I may be able to app for mortgage this year instead of next. My main concern, though is that I had to buy a new car due to auto accident....inquiries! Also, since I had app'd already, I went on a mini app spree and obtained 6 new cc's. I only wanted them for util. Did not get all that I app'd for, though. And some of the creditors pulled my CR twice! Will all of these new inq, along with the new TL hurt my chances of getting a mortgage?

Thanks!

Jelly

[DallasLoanGuy]

inquiries are overrated.

 have all of thenew credit accounts hit your reports yet?

if not, then the u/w might want then added. who knows what that will do to the reports

[Anonymous]

---

@DallasLoanGuy wrote:

inquiries are overrated.

 have all of thenew credit accounts hit your reports yet?

if not, then the u/w might want then added. who knows what that will do to the reports

---

Hi, Dallas!

No all of the new accounts haven't hit yet. Only three of them...the ones with the lower CLs of course.

You say that in are overrated, but since all of the app'ing, my EQ now has 38 total inq; EX has 13 and TU has 11. These are total numbers. Most of these are at/over one year old or will hit 2 years by year's end. Total 2 week app inq = 28 inq across all three CR. Doesn't seem like a lot? Won't UW be a bit leary with that many inq?

Thanks

Message Edited by JellyFish on 11-06-2009 08:55 AM

[llecs]

I would think that the new TLs would hurt. That alone would likely drop your score 30-40+ points, depending on the change to your AAoA. Some of that may be offset by the change in utilization, though.

[Anonymous]

---

@llecs wrote:
I would think that the new TLs would hurt. That alone would likely drop your score 30-40+ points, depending on the change to your AAoA. Some of that may be offset by the change in utilization, though.

---

Wow, IIecs!! 30-40 pts for new TLs! I figured that my AAoA would suffer, but I DID not figure on it being by that much! I also was hoping that the decrease in util% would off-set the drop. My EQ score is only 606. A 30-40 pt drop would be devastating to my score.

Prior to new TLs, my util% was 84%, but after all TLs report, util% will be 65%.Will that be enough to off-set the 30-40 pt drop?

[llecs]

---

JellyFish wrote:

---

@llecs wrote:
I would think that the new TLs would hurt. That alone would likely drop your score 30-40+ points, depending on the change to your AAoA. Some of that may be offset by the change in utilization, though.

---

Wow, IIecs!! 30-40 pts for new TLs! I figured that my AAoA would suffer, but I DID not figure on it being by that much! I also was hoping that the decrease in util% would off-set the drop. My EQ score is only 606. A 30-40 pt drop would be devastating to my score.

Prior to new TLs, my util% was 84%, but after all TLs report, util% will be 65%.Will that be enough to off-set the 30-40 pt drop?

---

Over the summer, I added three new TLs. Two of the three I knew would be added: Amex and Discover, but I failed to research the third and that was an OD account from Penfed that reports like a revolving account (basically a LOC). Both EQ and TU were sitting above 720 and both dropped to the 660 range when all 3 reported. My AAoA also decreased by a year from 3 to 2. Basically, I lost 60-70 points and that knocked me out of contention for buying a new home right away (wasn't going to rush into it anyway).

In the past, I've lost 20-30 points for each new TL being added, but only added them one at a time vs. a batch. I've found, in my case, that inquiry damage was zero, but the new accounts were costly (20-30). I've found that most of the points gradually return within 6 months and about 90% returns by the 1 yr mark. At the one-year anniversary, I've seen small increases as it reports exactly one-month old, assuming all is equal on your report and assuming that you don't add any new credt between now and then, which would cancel that gain out.

If you have a good mix of credit (at least 2 revolving and a charge card), then you might see a gain of 10 due to the util change. Using an avg. of a 35 pt loss, your net loss would be 25, if I had to guess. Within 6 months, your points will gradually come back and I bet you'll be at the break even point by then....asuming nothing else changes to your report, including util.

[Anonymous]

---

@llecs wrote:

---

@Anonymous wrote:

---

@llecs wrote:
I would think that the new TLs would hurt. That alone would likely drop your score 30-40+ points, depending on the change to your AAoA. Some of that may be offset by the change in utilization, though.

---

Wow, IIecs!! 30-40 pts for new TLs! I figured that my AAoA would suffer, but I DID not figure on it being by that much! I also was hoping that the decrease in util% would off-set the drop. My EQ score is only 606. A 30-40 pt drop would be devastating to my score.

Prior to new TLs, my util% was 84%, but after all TLs report, util% will be 65%.Will that be enough to off-set the 30-40 pt drop?

---

Over the summer, I added three new TLs. Two of the three I knew would be added: Amex and Discover, but I failed to research the third and that was an OD account from Penfed that reports like a revolving account (basically a LOC). Both EQ and TU were sitting above 720 and both dropped to the 660 range when all 3 reported. My AAoA also decreased by a year from 3 to 2. Basically, I lost 60-70 points and that knocked me out of contention for buying a new home right away (wasn't going to rush into it anyway).

In the past, I've lost 20-30 points for each new TL being added, but only added them one at a time vs. a batch. I've found, in my case, that inquiry damage was zero, but the new accounts were costly (20-30). I've found that most of the points gradually return within 6 months and about 90% returns by the 1 yr mark. At the one-year anniversary, I've seen small increases as it reports exactly one-month old, assuming all is equal on your report and assuming that you don't add any new credt between now and then, which would cancel that gain out.

If you have a good mix of credit (at least 2 revolving and a charge card), then you might see a gain of 10 due to the util change. Using an avg. of a 35 pt loss, your net loss would be 25, if I had to guess. Within 6 months, your points will gradually come back and I bet you'll be at the break even point by then....asuming nothing else changes to your report, including util.

---

IIecs,

I am not in the same "bucket" as you were when you took that hit (ouch!!) I have read that the higher you are up the ladder, the more points you lose. Is this true. Also, my AAoA is 6 years, so maybe it will drop to 4 years?

I do have a good mix of credit: revolv, ccs. So, hopefully that will help.

[llecs]

I can't even speculate on buckets...one mystery that will never be solved I guess. Per your AAoA, you'd have to do some math on TU and EQ to see how that might impact you. My AAoA will bounce back to 3 yrs next month. Yay!

[DallasLoanGuy]

---

@Anonymous wrote:

---

@llecs wrote:
I would think that the new TLs would hurt. That alone would likely drop your score 30-40+ points, depending on the change to your AAoA. Some of that may be offset by the change in utilization, though.

---

Wow, IIecs!! 30-40 pts for new TLs! I figured that my AAoA would suffer, but I DID not figure on it being by that much! I also was hoping that the decrease in util% would off-set the drop. My EQ score is only 606. A 30-40 pt drop would be devastating to my score.

Prior to new TLs, my util% was 84%, but after all TLs report, util% will be 65%.Will that be enough to off-set the 30-40 pt drop?

---

how much they affect score, i dont know.

you should find out.

the utilization offset should help.

but you need to get that down even more.