I'm new to the Mortgage forum, since I seem to live in the Credit Card forum . Recently, I've been thinking about getting a house, but not for a few years down the road (I'm 21 now). My accounts are all very new, nothing bad reporting, just trying to build up my file.
I was wondering about how long hard inquiries stay on the credit report. I've heard 1 year, and I've heard 2 years--so I'm leaning towards 2 to err on the side of caution.
I know inquiries when applying for mortgage loans = BAD! So I'm wondering, does it really take 2 years to fall off. Or longer? How long should I hold off on credit card applications before looking for a mortgage?
Hard inquiries (affect credit score) remain for two years, however I have noticed that the inquiries that resulted in new credit have fallen off of my report in one year. You seem to have enough trade lines open right now. I would not obtain additional debt/credit until after the home purchase. Inquiries, new debt will initially lower your credit score. Additional monthly debt will determine how much of a mortgage payment you can afford.
Thanks for all the info!