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Registered: ‎10-22-2013
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When does inquiry hit happen?

I'm on a very tight rope closing for my house.  Like I'm seriously ONE point away.  Literally.  I had some dispute comments removed and two of my scores dropped dramatically (97 points).  I needed 36 of them back, and have currently gotten 35 of them.  Now my mortgage company has pulled my credit a lot.  A lot more than I would like.  I have 4 inquiries in the last year (all from the same mortgage company) because we were building our house.  They pulled it once in March, when we went under contract, again in July, to randomly check, then in September to close (in which case the government shut down and we switched to an FHA loan and could not have dispute comments on it).  So after i removed the comments, they pulled another report 10/10/13 and found my score had dropped too low for my loan.  

 

So as you can see, I'm trying to be VERY careful about the next pull.  I want to make sure my score has gotten high enough, and no more dispute comments have been added, or anything else that would make this not be the last pull we do.  So my question is: When the damage from an inquiry is done, is it before the mortgage company sees the current score, or is it applied afterward, to where a second pull would only see the latest inquiry?  Does that make sense?  If I am specifically at a 640, will they see 640, or will they see 635 because the inquiry hurt my score (which every single point counts for me this close to the line).

 

I'm well aware of the FAKO versus FICO and all that jazz.  My middle score happens to be Equifax, and I believe it's the same equation used for the myFico report purchased from this website.  According to THAT report, I'm at a 639.  1 point away from qualifying.  

 

Any info on when the inquiry hits would be most helpful!

Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
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Re: When does inquiry hit happen?

If you are 1 pt away, then I'll assume that EQ is your mid-score.

 

TU and EX aside, the EQ FICO version on here is called Beacon 5.0. Like with other FICO versions, FICO will score 1 inquiry each from car, mortgage, and SL apps per report if these inquiries are pulled within a certain time frame. That time frame for Beacon 5.0 is 30 days. So, you can apply 100 times for a mortgage over the next month and FICO will ignore 99 of those. 

 

As part of the duplication process, and to make it a fair comparison between lenders, FICO will also ignore any ding from that inquiry (assuming it would even hurt) for the duration of that window. So, if your lender pulled tomorrow, there will be no negative impact from that inquiry until December 14 or so (or whatever 30 days later). So if they pulled at least a month prior to closing, then there's no worries that your score would move as a result of that inquiry. It should be also noted that not all inquiries will impact your FICO. A majority of mine never impacted my score.

Frequent Contributor
Posts: 431
Registered: ‎05-23-2013
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Re: When does inquiry hit happen?

This is the same question I asked a few months ago and didn't get a clear answer. So according to the "duplication process", let's say a car dealership is shotgunning your file.........assuming everyone is using the same scoring version, does the lender who pulls your report "2nd" see the same score that the lender who pulled your report "1st" saw?.........In other words, would the second lender even see the inquiry from the 1st lender.......???

 

 

Myfico scores.....
EX... 805 (11-10-13)
EQ... 810 (12-02-13)
TU... 810 (12-02-13)
Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
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Re: When does inquiry hit happen?


Kratos-TM wrote:

This is the same question I asked a few months ago and didn't get a clear answer. So according to the "duplication process", let's say a car dealership is shotgunning your file.........assuming everyone is using the same scoring version, does the lender who pulls your report "2nd" see the same score that the lender who pulled your report "1st" saw?.........In other words, would the second lender even see the inquiry from the 1st lender.......???

 

 


Yes -IF- every lender just happens to look at the same FICO version. Realistically that won't happen because not every lender will pull same CRA. Also big "IF" if the report didn't change between pulls, but that's a given.

 

They'll see the same score because the first inquiry will not impact the FICO immediately, assuming it were to impact your FICO to begin with. Days within that window will click along and after 2-4-5-6 weeks, then that inquiry will finally be scored. That window varies by FICO version but it's generally 14-45 days with the newer version sout there being closer or at 45 days. So the first would see the same score as the 2nd, 3rd, 4th and so forth provided the pulls were within that window, the lenders used the same FICO version in your hypothetical, and assuming nothing else changed on the report like dropped TLs, added collections, etc. 

 

The above has to do with FICO scoring of course. The lender will see all of the inquiries and it's up to them to decide if that's a negative factor or not. They don't have the ability to include them into your FICO other than a guess, but with a manual review they can decide to approve/decline if they see too many inquiries. Most lenders have the sense to realize that folks rate shop for the best rate and that results in multiple inquiries.

 

 

Established Contributor
Posts: 995
Registered: ‎04-01-2008
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Re: When does inquiry hit happen?


Frustratedanddepressed wrote:

I'm on a very tight rope closing for my house.  Like I'm seriously ONE point away.  Literally.  I had some dispute comments removed and two of my scores dropped dramatically (97 points).  I needed 36 of them back, and have currently gotten 35 of them.  Now my mortgage company has pulled my credit a lot.  A lot more than I would like.  I have 4 inquiries in the last year (all from the same mortgage company) because we were building our house.  They pulled it once in March, when we went under contract, again in July, to randomly check, then in September to close (in which case the government shut down and we switched to an FHA loan and could not have dispute comments on it).  So after i removed the comments, they pulled another report 10/10/13 and found my score had dropped too low for my loan.  

 

So as you can see, I'm trying to be VERY careful about the next pull.  I want to make sure my score has gotten high enough, and no more dispute comments have been added, or anything else that would make this not be the last pull we do.  So my question is: When the damage from an inquiry is done, is it before the mortgage company sees the current score, or is it applied afterward, to where a second pull would only see the latest inquiry?  Does that make sense?  If I am specifically at a 640, will they see 640, or will they see 635 because the inquiry hurt my score (which every single point counts for me this close to the line).

 

I'm well aware of the FAKO versus FICO and all that jazz.  My middle score happens to be Equifax, and I believe it's the same equation used for the myFico report purchased from this website.  According to THAT report, I'm at a 639.  1 point away from qualifying.  

 

Any info on when the inquiry hits would be most helpful!


I wouldn't focus so much on inquiries (unless you were apping for credit for something else!). Do you have credit cards, and if so; how is your utility on those? The quickest score boost usually comes from paying down cc's. If this applies, you could do this and pay for a rapid rescore.



1/28/14 EQ 817, (6/30/14)EX 821, TU 817 on 6/13/2014

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Frequent Contributor
Posts: 431
Registered: ‎05-23-2013
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Re: When does inquiry hit happen?


llecs wrote:

Kratos-TM wrote:

This is the same question I asked a few months ago and didn't get a clear answer. So according to the "duplication process", let's say a car dealership is shotgunning your file.........assuming everyone is using the same scoring version, does the lender who pulls your report "2nd" see the same score that the lender who pulled your report "1st" saw?.........In other words, would the second lender even see the inquiry from the 1st lender.......???

 

 


Yes -IF- every lender just happens to look at the same FICO version. Realistically that won't happen because not every lender will pull same CRA. Also big "IF" if the report didn't change between pulls, but that's a given.

 

They'll see the same score because the first inquiry will not impact the FICO immediately, assuming it were to impact your FICO to begin with. Days within that window will click along and after 2-4-5-6 weeks, then that inquiry will finally be scored. That window varies by FICO version but it's generally 14-45 days with the newer version sout there being closer or at 45 days. So the first would see the same score as the 2nd, 3rd, 4th and so forth provided the pulls were within that window, the lenders used the same FICO version in your hypothetical, and assuming nothing else changed on the report like dropped TLs, added collections, etc. 

 

The above has to do with FICO scoring of course. The lender will see all of the inquiries and it's up to them to decide if that's a negative factor or not. They don't have the ability to include them into your FICO other than a guess, but with a manual review they can decide to approve/decline if they see too many inquiries. Most lenders have the sense to realize that folks rate shop for the best rate and that results in multiple inquiries.

 

 


 

Thank you so much. This is the best answer I've gotten on this subject. I can finally lay this one to rest.

Myfico scores.....
EX... 805 (11-10-13)
EQ... 810 (12-02-13)
TU... 810 (12-02-13)
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