How long do inquiries affect FICO mortgage scores?

[Subexistence]

I would like to confirm that it only affects mortgage scores for 1 year right? Also I'd like to know the FICO credit score minimum needed for ensuring optimal rates for FHA loan or Piggyback loan. I think 740 is the optimal for traditional mortgage and 760 for PMI.

[Anonymous]

     Hard inquiries remain on your CR for approximately two years, but really only impact your FICO Score for 12 months (don't know about the other models out there). The greatest impact they have is in the first 6 months and subsequently have less of an effect between 6 and 12 months old – however, they still impact the score. The consensus is that there is virtually no impact between 1 and 2 years; nevertheless, it is still on your report.

     To me inquiries are like the Stealth Bomber. Sure it is nearly invisible to radar and EDs but a pilot looking out his window can see the monster miles away with his eyeballs. A human underwriter (or report evaluator) can still see inquiries on your report at 18 months or so, and while it may not play into the algorithms, it is still visible to a human evaluator.  My human computer (brain) is happiest when my algorithm (eyeballs) see a number less than one.

Y

[me12345]

I guess that would depend on the type of inquiry and how many and when they were made...a lot of variables involved.

But ultimately inquiries don't have a big overall impact on scores.

Most FHA rates use 720 as the top tier (A few investors may have a higher threshold)

However, because FHA scores are not FICO driven, even lower scores will still have great rates.

Thanks,

[Subexistence]

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@me12345 wrote:

I guess that would depend on the type of inquiry and how many and when they were made...a lot of variables involved.

But ultimately inquiries don't have a big overall impact on scores.

Most FHA rates use 720 as the top tier (A few investors may have a higher threshold)

However, because FHA scores are not FICO driven, even lower scores will still have great rates.

Thanks,

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Which scores are then used?