Different Inquiry question

[Anonymous]

I am going to be applying for a HELOC.  BUT, I cannot find an answer about the inquiries.

I understand that all the inquiries coded the same will only make one impact on myFICO.  However, what I can't find is when.  I have one day off during the week that I can do any real business, so apps would be spaced out... but if I apply for one tomorrow, then I can't apply again until Tuesday, will my score then be 4-30 points lower for the second app??  Or, will FICO wait so many days and then it'll hit the score. 

I just would like the best chances I can make for myself.  If I have to wait until a day or week I can do multiple ones closer together, that's what I'll do.

Does anyone know??

[Anonymous]

Well.... maybe the first offer will be so outstanding, I won't have to find out.      

[Anonymous]

I dont have experience here, but reasonably sure that I read that INQs within at least 14 days coded for the same reason would be counted as one, but still shown as multiples.

I really think it is more like 30 to 45 days, but very comfortable saying 14 minimum.

IME, I have applied to one lender and then waited for the response.  All three times it was approved.

I dont look for the absolute lowest rate from all lenders, but I look for the best competitive rate from a lender that I would like to do business with.  All three ended well.

Just a suggestion - if you want to app with multiple lenders, can you prepare your documentation on your day off and apply online during the week in the evening maybe? 

I have also taken care of personal business on my cell phone in the car in the parking lot at lunch time, and I also used an empty conference room.  I always use caution about making a call with a conference room phone so that there would be no chance of anyone trying to call me again on a non private number.

hth

[Anonymous]

LOL.  Yeah.... my car usually looks like a mobile office/bedroom/storage unit.   Glad I'm not alone in the parking lot lunch time business meetings.       

I was planning on having everything scanned into the computer so that if anything needs emailed, I can get it done asap.  I have online apps saved so I can go right to them.  I was just more concerned with the local banks.  I would rather do business with someone here in town if it's possible.  And, they have appointments to go in and see the banker.  I can try to schedule them the same day, but there's no guarentee.  Which is mostly why I was curious.

The rates are all pretty close from what I can see.  Mostly based on my own credit scores.  But, they have different features, like locked rates and caps, etc.  Going with a variable rate kinda scares me a little. 

Thanks for the suggestions!  I appreciate everything!!!