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When starting the home loan process, how badly does the amount of inquiries effect chances?
as long as its not excessive...you may just need a LOE
I've gotten my first CC's to beef up my "variety" of credit, all I've ever had was 2 auto loans, one paid off, the other in good standing. I know the new TL's have to be at least 6 months old, but I was curious as to the effect of the the inquiries once the 6mths are up and the husband and I begin the home loan search process again. (had to post pone it due to losing $150 a month and having to clean up his report)
Most of the time the want to see 4 TLs but you can always use non-traditional TLs (rent,utilities,etc)
I have 7 on EX 9 or 10 on EQ and 5 on TU (prior to the mortgage app) and the lender said they are ok.. i'll prob just have to do LOEs (letters of explanation)
Hmm, what kind of letters of explantion do they want for them? Seems crazy they would want that doesn't it? Lol,l I mean, its pretty obvious!
@S7 wrote:Hmm, what kind of letters of explantion do they want for them? Seems crazy they would want that doesn't it? Lol,l I mean, its pretty obvious!
Just to explain the INQ.... "I applied for a few CC's to help my overall credit utli" short and sweet
Ahh, I see! lol Thank you!
My score dropped from 651 to 639 on just two inquiries from lenders. Of course, I now have a total of 13 inquiries. I did the same thing. Just wanted to make a lower utilization percentage. Fortunately, I had a 651 when the mortgage co. checked. I believe they last 90 days.