topic 5 inquiries too many for mortgage application ? in Mortgage Loans

5 inquiries too many for mortgage application ?

Anonymous — Wed, 25 Aug 2021 18:29:54 GMT

I want to apply for a mortgage. My Experian report has 5 inquiries:

1. For a credit card - 3 months ago (active account).

2. For a credit card 7 month ago (active account)

3. For a mortgage 15 months ago (active account)

4. For a mortgage 15 months ago (NOT connected to an account, was shopping around)

5. For a credit card 19 month ago (active account).

Is that too many inquiries or I should be fine? I can try to dispute the mortgage inquiry (that's not connected to an account) before I apply for this mortgage but not sure if it's worth the hassle. I was going to try to freeze my Lexisnexis/SageStream and Innovis and then dispute with the 3 bureaus but I've never done that and a bit worried...

Will I get a better rate if I remove that one inquiry that's not connected to a loan?

Thanks!

Re: 5 inquiries too many for mortgage application ?

dragontears — Wed, 25 Aug 2021 18:45:50 GMT

@Anonymous wrote:
I want to apply for a mortgage. My Experian report has 5 inquiries:
1. For a credit card - 3 months ago (active account).
2. For a credit card 7 month ago (active account)
3. For a mortgage 15 months ago (active account)
4. For a mortgage 15 months ago (NOT connected to an account, was shopping around)
5. For a credit card 19 month ago (active account).

Is that too many inquiries or I should be fine? I can try to dispute the mortgage inquiry (that's not connected to an account) before I apply for this mortgage but not sure if it's worth the hassle. I was going to try to freeze my Lexisnexis/SageStream and Innovis and then dispute with the 3 bureaus but I've never done that and a bit worried...

Will I get a better rate if I remove that one inquiry that's not connected to a loan?

Thanks!

They will not affect getting a mortgage.

Inquiries over 12 months no longer affect your score so there is nothing to gain by trying to get rid of it

Most lenders just ask for a short LOE for any inquiry in the last 6 months.

You are fine as far as Inquiries goes

Re: 5 inquiries too many for mortgage application ?

pizzadude — Wed, 25 Aug 2021 19:16:37 GMT

Don't worry about your inquiries, if your FICO mortgage scores are close to 800 then you'll be in great shape from a credit perspective.

Re: 5 inquiries too many for mortgage application ?

Anonymous — Wed, 25 Aug 2021 20:33:23 GMT

Or, thank you! That's good to know!

My score is actually 767... Trying to see how I can improve it a bit. Another question I have on this is this. I have 7 credit cards, some have zero balance, some under 10%. One has 78% (balance transfer). Overall utilization is under 10%.

Does it make sense to lower the 78% to 50% by transferring some portion of it's balance to another card, which will raise the second card from 10% to 20%? Or the resulting score will be the same?

Re: 5 inquiries too many for mortgage application ?

Anonymous — Wed, 25 Aug 2021 23:18:29 GMT

You're fine. I had like 12 when I got my mortgage.

Re: 5 inquiries too many for mortgage application ?

tooleman694 — Thu, 02 Sep 2021 14:46:56 GMT

I probably had over 30 when I got my mortgage. No one said anything.

Re: 5 inquiries too many for mortgage application ?

jeboles — Fri, 03 Sep 2021 23:26:15 GMT

This is embarrassing but i had over 60. Didn't stop anything.