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Will 10 INQ’s make it hard to get approved for a mortgage?

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Regular Contributor

Will 10 INQ’s make it hard to get approved for a mortgage?

I am currently with HSBC in their first time Home buyers program. Just started this month and this will last for 18 months. They match will every dollar with 4 dollars up to around $8000.
I have been on an app spree this year due to my credit improving and me wanting better cards with better limits. So now I have cards with Amex, Discover, Citi, Capital One, Barclays Synchrony, and Merrick Bank totaling $13,950 in Credit limit.
I’m supposed to be approved for a mortgage and moved in by 1/22/20. My fico 5,4,2 are currently 612,650,568 with my new report coming next month. I wanted to know will these 10 inq I have with TU and EX make it hard for me to be approved for a mortagage?
Amex Rose Gold, Amex Cash Magnet- $2000, Amex Delta Gold- $1000, Amex SPG- $1000, Amex Blue Cash Everyday- $1000, Discover IT- $2300, JetBlue Plus World Elite MasterCard- $3600, Costco Citi- $6700, Capital One QS- $1450, Best Buy Citi Visa- $6000, Capital One GM- $500, Care Credit-$15,000, Merrick Bank- $1000, Paypal Credit- $1,781, Amazon Prime Store Card- $6000, PayPal Extras Mastercard- $5000, Bloomingdales Card- $400

03/08/19 Fico 8 EQ 706TU 716 EX 706 - FICO 9 EQ 712 TU 707 EX 677- FICO Mortgage EQ 703 TU 716 EX 693
INQ EQ 6 TU 10 EX 16 Utilization EQ 18% TU 18% EX 18%
4 REPLIES 4
Established Contributor

Re: Will 10 INQ’s make it hard to get approved for a mortgage?

When you get within 4 months of shopping for your home loan is when I'd recommend reducing the amount of inquiries within your profile.

 

I don't believe the credit scoring algorithms really put too much weight on multiple inquiries as long as your credit management, payment hx, and spending behavior is good. 

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Licensed NC Mortgage Loan Originator
Message 2 of 5
Valued Contributor

Re: Will 10 INQ’s make it hard to get approved for a mortgage?

STOP applying for new credit, STOP doing anything that results in Unnecessary Hard Pulls....

It’s very simple.
Message 3 of 5
Frequent Contributor

Re: Will 10 INQ’s make it hard to get approved for a mortgage?

No, inquires are NOT a direct factor for a mortgage approval....

 

They will bring your score down, and that could jeopardise your approval if your scores fall below the "threshold" of your particular loan program...

 

However, in your case the 10 inquiries should already be factored into your current score, and moving forward they will have less and less impact on your score....and by 01/2020 they will have fallen off completely.

 

Just work on keeping your balances low and do NOT have any lates (and no more inquires) and you will be fine.

 

Thanks,

VA & FHA down to 550...
Licensed Senior Mortgage Loan Officer in the states of Arizona & California
Specializing in VA, FHA, USDA & Conventional loans. My company is also licensed in 12 states, Arizona, Colorado, Nevada, California, Oregon, Washington, Utah,
Alaska, New Mexico, Texas, Illinois and Florida
Message 4 of 5
Regular Contributor

Re: Will 10 INQ’s make it hard to get approved for a mortgage?

I just moved into my new home 2.5 months'ish ago through a VA loan (so your mileage might vary) but I had to do an LOE (letter of explanation) for every single credit (hard pull) inquiry I'd had over the last 12 +or- months and at worse, it was a PITA and I was scorned by my lender to stay away from ANY additional credit inquiries, including even my utilities at the new place for no less than 24 hours after closing.  Again, YMMV in your particular situation but this is how it went for me...didn't hamper the mortgage but DID end up being a pain because I had to explain each and every single hard-pull.  Best of luck and think positive!!!

Message 5 of 5
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