Have some inquiries, what's the wait time?

[Anonymous]

I recently got very frustrated with the whole home loan process and ended up with a couple inquiries on my report.  I applied and was approved for a vehicle loan (much needed) and a little Kohl's card to increase my total credit cards to 3.  The addition of the accounts didn't impact my credit as much as I thought, 6 points down Transunion, 0 points on Experian, don't know Equifax.  Question is the car loan was 2 inquiries on all reports (Navy Fed) and the card was one inquiry on one report, how long do I need to wait to try for a house again?  I have heard three months is a good waiting time.  The house I want was reduced again and I really need to apply before it's gone. My scores are all over 640 now and out DTI is fine.

[Anonymous]

When you applied, did you like any of the lenders or brokers that you worked with?

For what reasons were you frustrated with the process (I assume you didn't qualify, but why not?)

The inquiries themselves are not a huge killer, but they'll come up (most folks recommend 6 months no inquiries, but that's an ideal scenario I believe). The lender is going to be more interested in how the new accounts are being managed. However, with only one or two months of reporting, they have to just kind of guess...

Guessing = risk = harder to underwrite (basically).

[Anonymous]

Thanks for the reply.  I have a LO that is great to work with but I was frustrated because my score would not go above 620 let alone 640.  I had been doing the dispute fiasco for some time and had hit a plateau.  Go figure as soon as I look at the reports after the new accounts, the scores are in a good position.   Will I have to wait the 6 months to apply for a mortgage or could I apply now with a ton of explaining?  Could the new accounts had actually helped the scores?  I paid off an account as well so maybe that influenced the scores.  Who knows. The house I want is now $60,000 lower than original asking price and it isn't the type of house where another like it will be easy to find because it's a historic home.  In six months I could pay off more debt and be in a better boat DTI wise, but will the house still be there?  Also, would the inquiries matter with automated underwriting?

[DrJim]

I think the conventional wisdom is that LO's don't like to see new accounts (not inquiries) over the past six months.  At most I would think they would ask for a LOE for the inquiries.

Don't really think it is something to sweat. . .

[DallasLoanGuy]

there is no wait time post inquiries.

the new credit just needs to be on the report.

[rena347]

At this point, you don't know if the inquiries and new credit are an issue or not. Since you have identified a house that you really like at a good price, I say go ahead and apply and let the loan officer tell you if they will be a problem or not. All lenders seem to have a little bit different criteria for approval. I have seen posts in this forum where something that is a problem for one is not a problem for another.