How bad are HP's?

[Stryder]

I have looked through quite a few post and can't descern the impact of HPs...I get they are bad, but when you are trying to rebuild, you cant do it without getting hard pulls. I have 8-9 on the 3 CB's. I now have a BoA ewards, Cap1 QS, Amex ED, SYNC, and just got a CSP last nite!

We will be trying to buy a house in 2017, so I've been warned about HP's ...my scores are around 690, and should get better with adding another 7k CL and my util going down to under 10%.

So I feel I am setup with what I think I need to improve my scores, I am going to garden from here on out....is this OK or did I make a big mistake by collecting a lot of HP's?

Also, how do you put your card images in your footer?

[Anonymous]

Not terrible. They disappear forever after 2 years.

[Anonymous]

Also, how do you put your card images in your footer?

You need to hit the rank of Member before you'll have that ability.

[Stryder]

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@Anonymous wrote:

Also, how do you put your card images in your footer?

You need to hit the rank of Member before you'll have that ability.

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Thanks...how many post is that?

[Pway]

I don't think inquiries are a bad thing at all.  I am currently sitting with 50+ inquiries across the three bureau's.  I'm not buying a house no time to soon, so they don't matter to me.  While you have others that treat them like gold.  

However, in your case if you are buying a house in a year, you should not be adding any.  I would just sit tight with what you have right now.

[Pway]

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@Anonymous wrote:
Not terrible. They disappear forever after 2 years.

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I agree.

[creditguy]

They lose scoring impact after a year and disappear after two years. It really all depends on the particular lender your looking to get a card or loan from that makes the difference. As far as buying a house it's always good to keep new accounts down to a minimum not sure about inquiries, but they go hand in hand I suppose. When buying a house it's always best to focus on what makes the lending process the easiest.

[Stryder]

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@Pway wrote:

I don't think inquiries are a bad thing at all.  I am currently sitting with 50+ inquiries across the three bureau's.  I'm not buying a house no time to soon, so they don't matter to me.  While you have others that treat them like gold.  

However, in your case if you are buying a house in a year, you should not be adding any.  I would just sit tight with what you have right now

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Exactly, i am done..I have a nice stable and I am just going to garden from here and let things age. 

Thanks for the input!

[Stryder]

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@creditguy wrote:
They lose scoring impact after a year and disappear after two years. It really all depends on the particular lender your looking to get a card or loan from that makes the difference. As far as buying a house it's always good to keep new accounts down to a minimum not sure about inquiries, but they go hand in hand I suppose. When buying a house it's always best to focus on what makes the lending process the easiest.

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Good advice...thanks

[Chickenpotpie]

HP's aren't that terrible, but can be if you get a lot of them in a short amount of time.  Its expected that when you apply for new credit, you have to get them.  They can and do fall off, and yes they can drop your scores on a temporary basis.   The shakier your credit profile is, the more HP's can affect it.

Bcause you're trying to by a house, you're in a position that you should NOT app anymore for at least 6-9 months before purchasing a house.  I went through the same exact thing when I went through the mortgage process.    My LO said on 11/2015, do NOT get any new credit because it will mess up your numbers (they were good at the time, no need to mess up a good thing right?)  So I took her advice to heart.  I sat on things, let them age until an offer was made on a house 5/2016.  During that time, no new credit, I did get some SP's and some CLI's on cards and all my scores did was rise.

I did NOT pay off every single card and kept util about 11% across 3 cards.  Restraint is needed for sure!!

Because I worked with people that really prepped me for about 6 months prior, I was in UW for about 10 days.  And pushed out the CTC for the sellers so they could have enough time to find a place to live.

Anyway, the pulls you have now....let them age.   Getting UTL down NOW and keeping them there after you do the first pull with the Mortgage Co.  is key.

If you're going to buy a house, you need to be at a point where you can stop rebuilding because the scores are strong enough, you have enough money, and your UTIL is close to single digits.  Then let things AGE, while you're in SAVINGS mode for your new home.   You're not being told to not get any HP right now just for kicks and giggles, trust me.

Please read the mortgage forum for more info.  They can also help you on what type of loan may be best for your situation as well as a few other things.