The "too many inquiries" excuse

[Razeus]

Are they looking at the 2 year history or are they looking at the one year history that FICO counts?

[Anonymous]

I have same question, credit file shows enquiries of 2 years but how lenders consider while taking decision?

May be some lenders look at enquieris of past 6 month only !! Just becoming too optimistic

[bichonmom]

The effect of inq on FICO lessens at 6 mos and has no effect after 1 yr. What the creditor uses to make their decision depends on them. The likelihood is that inq past 1 year won't have an effect, but creditors can see them.

[DaveSignal]

Different lenders have different criterea in different situations.  But they can all see the full two years on manual review.  Whether they want to base a credit decision on a slew of inquiries 1.5 years ago is at their own discretion.

[Anonymous]

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@DaveSignal wrote:

Different lenders have different criterea in different situations.  But they can all see the full two years on manual review.  Whether they want to base a credit decision on a slew of inquiries 1.5 years ago is at their own discretion.

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+1

[jsucool76]

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@Anonymous wrote:

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@DaveSignal wrote:

Different lenders have different criterea in different situations.  But they can all see the full two years on manual review.  Whether they want to base a credit decision on a slew of inquiries 1.5 years ago is at their own discretion.

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+1

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+2 

 

I know when I apped (and was denied ) for the citi forward months ago it was because of too many inquiries in the last 6 months, others will say in the last 12 months on their denial letters. Definitely a variation by lender, and I assume if you get a manual review it may even vary by app depending on your situation. 

[tbolt2]

I think CITI does that no matter what, even for a CLI.

Yesterday, requested CLI on my wife's Citi Diamond through the website. Some of the reasons such as high balances, utilization, were valid, and I accept that. They were looking at July data, not current data which is much better....

What I don't accept is the generic reasons that have no basis in reality...not my version anyway ... and I think of myself as a somewhat sane person... most days ,

"Too Many inquiries"  Seriously CITI??? There were 5 - yes FIVE -  in two years; the most recent being 9 months old.....One in March 11, two in Sept 11, one in Dec 11. Nothing since. Two of them were from CITI.

[Razeus]

Do they count "mortgage shopping" as 1 the way FICO does?  Or will they count those all individually as having too many inquiries?

[jsucool76]

I think it depends. If you get denied for too many inquiries after mortgage shopping I would call up and do a recon and explain it was for a mortgage.