Mortgage Shopping Window?

Anonymous · ‎05-25-2020

Hey guys! Long story short, Once I saw my mid-score reach 645 I jumped the gun and applied for a mortgage. Instead of waiting to do AZEO as I originally planned to maximize my score and apply early June. I applied with a lender on 5/11 and was approved for FHA. This lender has been very vague with me as far as why I didn't qualify for other loan products, interest rates, and monthly payments etc. I want to apply with other lenders but I am afraid I have waited too late. My scores wont fully update until around 6/7 or 6/8.

What is the window for mortgage shopping where I won't get dinged for the multiple pulls?

Anonymous · ‎05-25-2020

@Anonymous ....I'm curious also. I have seen 14-45 days elsewhere. I wonder what the community says.

Revelate · ‎05-25-2020

EX FICO 2 is 14 days and is one of the mortgage trifecta.

TU FICO 4 is 45 days.

EQ FICO 5 is either 30 or maybe 45, was understood for both it and TU to be 30 but then TU published on their literature theirs was 45... never saw anything similar from EQ but EX is the shortest.

Inquiry damage on one bureau is probably similar or less than cleaning up balances... I'd wait till the 6/8 you mention and check again. Actually I would make sure all balances are updated before checking again.

If EX wasn't your mid score anyway the damage may be irrelevant (lowest who cares, highest might be beyond the ability to drop below mid score anyway).

Anonymous · ‎05-26-2020

@Revelate wrote:
EX FICO 2 is 14 days and is one of the mortgage trifecta.

TU FICO 4 is 45 days.

EQ FICO 5 is either 30 or maybe 45, was understood for both it and TU to be 30 but then TU published on their literature theirs was 45... never saw anything similar from EQ but EX is the shortest.

Inquiry damage on one bureau is probably similar or less than cleaning up balances... I'd wait till the 6/8 you mention and check again. Actually I would make sure all balances are updated before checking again.

If EX wasn't your mid score anyway the damage may be irrelevant (lowest who cares, highest might be beyond the ability to drop below mid score anyway).

@Revelate this is exactly what I needed to know. Experian is actually my lowest score and I don't see that changing in any scenario. I plan to apply with another lender today and if need be maybe see if it changes on 6/8. thanks a bunch for the info!

yourficouser · ‎09-08-2020

@Revelate wrote:
EX FICO 2 is 14 days and is one of the mortgage trifecta.

TU FICO 4 is 45 days.

EQ FICO 5 is either 30 or maybe 45, was understood for both it and TU to be 30 but then TU published on their literature theirs was 45... never saw anything similar from EQ but EX is the shortest.

Inquiry damage on one bureau is probably similar or less than cleaning up balances... I'd wait till the 6/8 you mention and check again. Actually I would make sure all balances are updated before checking again.

If EX wasn't your mid score anyway the damage may be irrelevant (lowest who cares, highest might be beyond the ability to drop below mid score anyway).

This is VERY helpful.

Is there a separate 30 day "lookback" period during which time all inquiries are ignored for mortgage purposes? Or does this not exist?

I ask as: (i) my EX FICO 2 is my middle mortgage score, (ii) I am outside the 14 day period from first pull but still within 30 days. Was wondering if the EXISTING pulls would affect my EX FICO 2 score now (immediately after 14 day period), or if that only applied to all mortgage inquiries within 14 days starting from 30 days after first inquiry?

In other words:

(i) let's say first mortgage hard pull 8/1

(ii) let's say another mortgage hard pull 8/20 - would EX FICO 2 decrease then because of mortgage pulls starting on 8/1? Or would it only decrease on 9/1 (or 8/31), although it would decrease further because of the separate credit pulls 8/1 and 8/20?

Thank you!!!