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Mortgage loan inquiries

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Member

Mortgage loan inquiries

 

I have been trying to get a mortgage loan the last 30 days and have had about 7 inquires in trying to get this loan.  I understand that the law states that you can have many inquiries in one month and it would only count as 1 inquiry, but it hasnt been that case.  I checked my credit score and it has gone down 10 points and I havent done anything different.

 

Can you tell me how I can fix this?

 

Thank you.

Message 1 of 6
5 REPLIES 5
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Super Contributor

Re: Mortgage loan inquiries

What tool are you using to pull your credit scores?

Message 2 of 6
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Legendary Contributor

Re: Mortgage loan inquiries

Each inquiry can show in your credit report.

The policy of only scoring one inquiry applies to a mortgage, auto, or student loan related request for credit that are made within a certain window.

That is not a statutory requirment, it is a scoring determination made by Fair Isaac. 

 

Message 3 of 6
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Legendary Contributor

Re: Mortgage loan inquiries

Each inquiry can show in your credit report.

The policy of only scoring one inquiry applies to a mortgage, auto, or student loan related request for credit that are made within a certain window.

That is not a statutory requirment, it is a scoring determination made by Fair Isaac. 

 

Message 4 of 6
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Established Contributor

Re: Mortgage loan inquiries

Also it will only count as 1 if they are all categorized the same.  That was NOT the case when I went to a dealership.  I believe my 2 hits for mortgages were though...but I still saw a 1 point drop when the second HP hit.

 

They say that it only counts as one, but if they are coded differently it counts as separate inquiries.  Also if its not put as Auto or Mortgage etc., the 'system' wont know what the inquiries are actually FOR, therefore cannot say one way or the other 'oh those are all for a mortgage...'

Message 5 of 6
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Established Contributor

Re: Mortgage loan inquiries

p.s.  You cannot fix it. 

 

it is what it is.  it'll rebound quickly. 

Message 6 of 6
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