07-06-2011 07:03 AM
I recently closed on a home with my husband. (Thanks MyFico for helping me get a grip on my credit - we got a great rate!)
I pulled my credit report, and as a result of the home purchase, I have so many inquiries!!! I literally have 22 inquiries from 3 lenders (rate shopping - applied with 3 different places) but they each pulled my report multiple times. I have 22 INQ on TU, 19 on EX...
How long will it take for these to no longer hurt my credit? I know it takes 2 years to fall off, but the sheer amount of inquiries locks my credit down.
How dissapointing to know I got my credit up and now it's down because of all the inquiries......
07-06-2011 07:16 AM
07-06-2011 08:17 AM
To add, FICO will duplicate mortgage (and auto) inquiries for each report if your reports were pulled within a finite time frame. Generally speaking, if you applied between a 14-45 day time period, and let's say you applied 20 times, then FICO will ignore 19 of those inquiries and will only score one. And because scoring is important at app time, FICO will only ding (if any at all) at the end of that window as opposed to the onset of the 14-45 day window. In other words, the point or two or so that you might have lost due to the inquiry probably hasn't been felt yet if you applied in the past month.
The 14-45 day window varies by CRA and FICO version used. The newer FICO versions use 45 days. I know for sure that Beacon 5.0 (same EQ FICO as on here) is 30 days. Seems like TU98 (on here) is 14 days.
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