Effect of inquiries on approval

[casmith1980]

Sorry if this question has been asked, I searched but couldn't find anything: I understand that inquiries only impact scores for 12 months but they stay on your report for 24....with that being said, do mortgage lenders look at the inquiries between the 13-24 month mark or just the score and balances? My concern is, I kind of went on an app spree 2 months ago but don't plan on getting my house for 18-20 months...are they going to care as long as I don't have excessive amounts right before closing?

[Anonymous]

When I had to do my LOE for my inquries, I only had to explain the ones in the last 3 months. So, in my experience, the ones over 12 months weren't even brought up

[pizzadude]

They won't care about inquiries that are that old.   Just be squeaky clean inquiry free for 6 months prior and you shouldn't have any issues

[casmith1980]

Thanks guys!!!  This definitely helps me in planning my attack for my future mortgage  

It might be 18 months away - but I'm counting down like a kid to their birthday lol

[Anonymous]

My credit was pulled in December when I pre-qualified for a mortgage. I shopped two my lenders when I thought my sale was about to be approved. Short sale. Now it looks like I'm not going to make the 15/30 day application window and will have to yet, have a 3rd round of ap pulling to secure the loan when indeed the sale is actually approved. Other than that, there isn't a piece of dust in my credit in 9 years. I absolutely hate have my scores drop because Wells Fargo has taking months to decide if they are going to sell this short sale.

If you shop a short sale, just be prepared with every document you can think of and do all your rate shopping on as close to the same day as possible; the day after your short sale has been approved. My mistake was to rate shop willy nilly.

[Student_Loans_Kill]

---

@pizzadude wrote:

They won't care about inquiries that are that old.   Just be squeaky clean inquiry free for 6 months prior and you shouldn't have any issues

---

6 months before closing or 6 months before Pre-Approval process?

Thx PD

[JusdoNit]

They didn't seem to care about the inquiries that were over 90 days and asked me to write a very simple statement regarding the ones from the end of Dec.  I met with them a few days ago.

[pizzadude]

---

@Student_Loans_Kill wrote:

---

@pizzadude wrote:

They won't care about inquiries that are that old.   Just be squeaky clean inquiry free for 6 months prior and you shouldn't have any issues

---

6 months before closing or 6 months before Pre-Approval process?

Thx PD

---

Just to be safer I would go with no inquiries 6 months prior to your creditor first pulling your CR.  Many times this occurs during pre~approval.

[boomhower]

No INQ's for six months is ideal but not a deal breaker.  I had gotten an Amex card a month or two before I apped and they didn't say a word about it.  I just had to fill out a sheet explaining all INQ's for the last twelve months, just had to indicate whether a new account was started or not.  Loan Officer said it was to make sure no credit was obtained that isn't reporting on the credit reports.  The no INQ thing before applying is way over rated.  The absolutely critical thing is don't apply for anything during the mortgage process.

[chan85]

---

@boomhower wrote:

No INQ's for six months is ideal but not a deal breaker.  I had gotten an Amex card a month or two before I apped and they didn't say a word about it.  I just had to fill out a sheet explaining all INQ's for the last twelve months, just had to indicate whether a new account was started or not.  Loan Officer said it was to make sure no credit was obtained that isn't reporting on the credit reports.  The no INQ thing before applying is way over rated.  The absolutely critical thing is don't apply for anything during the mortgage process.

---

hmm so i guess I would have to disclose my bill me later account i apped for in november at that point..... guess i better pay that off as well then..... no fair.. that was whole point of me opening it- so it didnt refelect on my credit report