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Credit inquiry damage

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Regular Contributor

Credit inquiry damage

I'm considering purchasing a Coop/townhouse (cooperative living).
The cost is relatively cheap, in comparison to buying a condo or a house. I would be purchasing this coop out right, no loan needed. But first, they'll need to do a credit check (amonst other things) on me to see if I qualify to live there.
My question is... any ideal of if/how much my scores will drop due to that credit inquiry?

MyFico score 3B Report shows 0 inquiries.
Credit Wise shows 2 inquiries.
My 3 C.C. acounts were opened on:
Cap1 QS (May 2017)
Disc (July 2017)
Cap1 Ven (Nov 2017)

If it should fall through... in the near future (summer) i would need to have my credit pulled again for purchasing a house, and for a second car for my wife.
Thanks in advance 🙂
Rebuild Started: May 2017 (Fico 500’s)
Current Scores: EQ820, TU801, EX801
Goals: Fico > 800’s & 60k in Credit


      $1500              $4500            $17,000
Message 1 of 7
6 REPLIES 6
Frequent Contributor

Re: Credit inquiry damage

At most a couple of points.  With your scores, I wouldn't be concerned about it in the least.  People worry about HPs way too much.  Unless you have borderline scorese along with several HPs among the credit bureaus already it's really moot point.  




Message 2 of 7
Regular Contributor

Re: Credit inquiry damage

Thanks Robert, I made a change to the credit inquiry part. I should posibly have 2-3 old inquiries still
Rebuild Started: May 2017 (Fico 500’s)
Current Scores: EQ820, TU801, EX801
Goals: Fico > 800’s & 60k in Credit


      $1500              $4500            $17,000
Message 3 of 7
Valued Contributor

Re: Credit inquiry damage

I think you will be fine.  Most seem to cost zero to 2 points max

Message 4 of 7
Regular Contributor

Re: Credit inquiry damage

Thanks, i can deal with that if so
Rebuild Started: May 2017 (Fico 500’s)
Current Scores: EQ820, TU801, EX801
Goals: Fico > 800’s & 60k in Credit


      $1500              $4500            $17,000
Message 5 of 7
Community Leader
Senior Contributor

Re: Credit inquiry damage

Honestly, if I wanted to buy a coop, which is an investment, the last thing I would care about is how many points my scores would drop. I say, relax and enjoy the things that you can buy to make your life happy and comfortable. IMHO, worrying about points vs comforts is meh.

Just do it!
GOALS: Garden til APR 2020 and 800 Club


SEP 2019: EX 791, TU 797, EQ 800
JUN 2019: EX 788, TU 794, EQ 779
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $25K || NFCU CashRewards $20K || Macy's $20K || Discover IT $18.7K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 6 of 7
Valued Contributor

Re: Credit inquiry damage

I do find it rather odd that you still need a CR pulled to prove you can live there, even though you're paying in full with cash. < that doesn't give you any credibility? 

 

Just another DP that Credit is needed for almost everything these days. 






Message 7 of 7
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