how inquires work

MarieSmiles4 · ‎03-28-2013

On March 4th, our broker pulled credit scores to do a preapproval for mortgage. Today is March 28. If I call her back tomorrow and have her check my scores again will this count as 2 inquires or is it still in the allowed amount of time for it to count as only one? I've read so many diff things 14 days, 30 days, 45 days. What is the answer, or does it vary?

I know 2 of my scores have gone up but, obviously I don't know my Experian score. She said she'd give us the approval if I had a mid score of 600, since I don't know where I stand I was going to have her check again, but I don't want to if its going to hurt me. (i need all the points i can get!).

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llecs · ‎03-28-2013

@MarieSmiles4 wrote:
On March 4th, our broker pulled credit scores to do a preapproval for mortgage. Today is March 28. If I call her back tomorrow and have her check my scores again will this count as 2 inquires or is it still in the allowed amount of time for it to count as only one? I've read so many diff things 14 days, 30 days, 45 days. What is the answer, or does it vary?

I know 2 of my scores have gone up but, obviously I don't know my Experian score. She said she'd give us the approval if I had a mid score of 600, since I don't know where I stand I was going to have her check again, but I don't want to if its going to hurt me. (i need all the points i can get!).

The 14-30-45 day window varies by FICO version. The TU98 version on myFICO.com is 14 days. The TU FICO version used by most lenders is 30 or 45. The EQ FICO on here is used by most lenders too and that's 30 days. The EX version most commonly used by lenders is 30 days. The newest FICO08 versions is 45.

So...if you applied on the 4th, and again today, then the versions your lender would most likely use would exclude today's pull from FICO scoring.

Also pertaining to the window, it hedged upon the lender coding the inquiry correctly as a mortgage inquiry, and almost always that's the case. Also know that any damage from the inquiry (assuming any at all...not every inquiry will hurt), won't be felt until that window expires. So, FICO isn't scoring any of your mortgage inquiries from Mar 4 and won't do so until that window expires (around the 4th of Apr.).

HiLine · ‎03-28-2013

@llecs wrote:
@MarieSmiles4 wrote:
On March 4th, our broker pulled credit scores to do a preapproval for mortgage. Today is March 28. If I call her back tomorrow and have her check my scores again will this count as 2 inquires or is it still in the allowed amount of time for it to count as only one? I've read so many diff things 14 days, 30 days, 45 days. What is the answer, or does it vary?

I know 2 of my scores have gone up but, obviously I don't know my Experian score. She said she'd give us the approval if I had a mid score of 600, since I don't know where I stand I was going to have her check again, but I don't want to if its going to hurt me. (i need all the points i can get!).
The 14-30-45 day window varies by FICO version. The TU98 version on myFICO.com is 14 days. The TU FICO version used by most lenders is 30 or 45. The EQ FICO on here is used by most lenders too and that's 30 days. The EX version most commonly used by lenders is 30 days. The newest FICO08 versions is 45.

Great information! I didn't know that apart from the CRA's themselves, FICO also combined inquiries.

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