topic Re: Are recent inquiries bad? in Mortgage Loans

Are recent inquiries bad?

cwwatts1202 — Mon, 01 Apr 2013 19:07:58 GMT

I've been cleaning up my husbands credit since march 3rd, his score has gone up 101 pts since then, which I totally did not expect, so we are going to hit 640 to qualify for the loan a lot sooner than I thought. We're going through a company that builds homes under USDA loans, we will be getting the direct loan. In the process of cleaning up his credit, I app'd for 2 cc's, got approved for one (cap1 secured) and we opened an account at a credit union and they did a HP on him. We also plan to app for the credit unions credit card in around June after we've had our cap1 for a couple months. We plan to apply for the loan in August, is having this many recent inquiries going to be a problem? I can explain that we were trying to build his credit and didn't expect to happen so fast (he had a collection age off which resulted in a 54 pt jump, and has another collection aging off in July, which hopefully has another jump that large or close to it, we only need 28 pts to qualify)

Re: Are recent inquiries bad?

tooleman694 — Mon, 01 Apr 2013 19:10:21 GMT

I think they want to explain any INQs newer then 60 days, but it should not be a problem.

Re: Are recent inquiries bad?

cwwatts1202 — Mon, 01 Apr 2013 19:15:22 GMT

@tooleman694 wrote:
I think they want to explain any INQs newer then 60 days, but it should not be a problem.

I don't think he'll have any new ones within 60 days of applying... but he will have like 4 within 3 months of each other...

Re: Are recent inquiries bad?

tooleman694 — Mon, 01 Apr 2013 19:30:22 GMT

They wont even ask about them at all. What they want to know is if you have new accounts that are not reporting.