09-16-2013 02:51 PM
How much do credit inquiries affect your score?
I have 6 since January of this year and it's because I started house shopping and at the time I thought my credit was good enough but I did not know abou tthe Fico score being different than the one I got when I bought a car. After applying with Quicken Loans and realizing my mid score was in the 580's I was told I needed to remove the collection accounts. I started doing so and every few months they would rerun my credit each time. During that time I also was rehabbing a defaulted student loan and that was just removed from my credit a few weeks ago. I thought that would give me the points I needed to get above 620. But after pulling my credit again I realized that two of the bureaus had not removed the rehabbed loans. So i disputed them and and a few other incorrect items. Now My score is above 620 for Experian and transunion and I want to have it pulled again but will it hurt my score since this will be the 7th inquiry in 9months?
09-16-2013 06:27 PM
Mortgage inquiries (like SLs and car) won't negatively hit your score (assuming it would ding your score) until the end of the window. That window varies by FICO version and CRA and is anywhere from 14 to 45 days. In other words, assuming your score would take a hit if you applied, that hit won't be felt until weeks later. IME, most of my inquries resulted in no score ding at all so you might not even see any impact, especially with the number of inquiries you have inside a year.