For rent

[williamd1972]

This past July I went shopping around for a  mortgage.  I stopped at Chase, Wells Fargo and Countywide. And yes, I had my scores checked in the two week window.  Can you believe it? I was stupid enough to think I would be eligible for a mortgage.  TU 700, EQ 718 EX 739. 

Anyway, I have decided to rent another year.  The mangement company wants to run my credit again,

Will this new inquiry hurt my credit score? If so, by how much? 

[cadavis0609]

Ask them if you can give them a copy of your report and scores. It hurts if they run it usually but if you do, it doesn't.

[llecs]

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williamd1972 wrote:

This past July I went shopping around for a  mortgage.  I stopped at Chase, Wells Fargo and Countywide. And yes, I had my scores checked in the two week window.  Can you believe it? I was stupid enough to think I would be eligible for a mortgage.  TU 700, EQ 718 EX 739. 

Anyway, I have decided to rent another year.  The mangement company wants to run my credit again,

Will this new inquiry hurt my credit score? If so, by how much? 

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Inquiries for car or home within a 45 day per now (was 2 weeks) count a one. Any damage is very minimal if at all.

These are your scores from this site, right? What was the reason for the denial? Do you have any recent baddies? On scores alone, I don't see why you were denied.

[wmarat]

I am about to start shopping for morgage and I have similar scores, so do you mind post reason for refusal?

TIA

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williamd1972 wrote:

This past July I went shopping around for a  mortgage.  I stopped at Chase, Wells Fargo and Countywide. And yes, I had my scores checked in the two week window.  Can you believe it? I was stupid enough to think I would be eligible for a mortgage.  TU 700, EQ 718 EX 739. 

Anyway, I have decided to rent another year.  The mangement company wants to run my credit again,

Will this new inquiry hurt my credit score? If so, by how much? 

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[Anonymous]

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@williamd1972 wrote:

This past July I went shopping around for a mortgage. I stopped at Chase, Wells Fargo and Countywide. And yes, I had my scores checked in the two week window. Can you believe it? I was stupid enough to think I would be eligible for a mortgage. TU 700, EQ 718 EX 739.

Anyway, I have decided to rent another year. The mangement company wants to run my credit again,

Will this new inquiry hurt my credit score? If so, by how much?

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There's got to be more to the story than simply your scores. As long as you had the income, DtI, and file to back it up, a midscore of FICO 718 should have netted you a nice mortgage -- unless you've have a foreclosure (or near foreclosure) in the past 3 years or a not-yet-discharged-bankruptcy.

[williamd1972]

 After a 10% downpayment and closing cost, I didnt have much money left in reserve. I was told that I needed atlease six months mortgage in my saving account, if I wanted  to move forward.    

[athensguy]

You might want to look for an fha lender.

http://www.hud.gov/ll/code/llslcrit.cfm

[Miner]

You might try joining a credit union as they can be easier to get a loan from.  I remember when I bought my first house ('97) that I had to have so much money left over after the loan closed, but it wasn't 6 months (more like 2 or 3).  I know the banks are scared about foreclosures, but having 6 months left over seems a bit much; especially if you have been working consistantly in the same field for at least 2 years.

[Anonymous]

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@williamd1972 wrote:

After a 10% downpayment and closing cost, I didnt have much money left in reserve. I was told that I needed atlease six months mortgage in my saving account, if I wanted to move forward.

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I'll bet you a gajillion bucks that if you told ShanetheMortgageMan or DallasLoanGuy, they'd say "find another lender!!" Since the lender you dealt with didn't know how to "massage the numbers."

Really, from everything I've read, 6 months is straight-out bull-doody. With a capital "B."