Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012
Re: Inquiries
Yes they don't impact your score as much after 1 year but lenders will see those inquiries for 2 years.

I don't recommend racking up 30 inquiries with a recent bankruptcy just discharged on your credit report. 30 INQS on a report of a person with no BKs and a fico of 700+ doesn't look as bad as it would for you even though 30 INQS still looks bad to lenders regardless.

I will have 5-6 INQS after I close on my mortgage loan this month and I plan to garden after that and wait until some of them fall off. My INQS are from a new credit card in July, a mortgage preapproval check in July, a new car in Nov, a new credit card in January, and two mortgage preapprovals in Dec and Jan as I had to take advantage of incentives by going through the builder's lender. I expect to get one more INQ this month as they run your credit again before you get cleared to close to make sure your credit hasn't dramatically changed. For mortgages, you have to write a letter of explanation for each inquiry on your credit report and 30 letters of explanation could make the underwriter very nervous and then you could end up denied a mortgage loan.

Toyota car dealerships are notorious for placing a lot of INQS on your credit report from shopping your loan...someone here said that they got 13 just from one Toyota Dealership. Luckily scoring wise, the 13 INQS are treated as 1 for scoring purposes since they occurred in the same month. So if you have to shop lenders, it is best to do it all together within a short period of time as that way, they all count as 1 INQ for scoring purposes.

I have never gotten anywhere near 30 INQS in my life. I think 10 INQS is the most a person should have at one time as after you get new credit, you need to stop and garden.
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