Inquiries

[Anonymous]

Currently my credit reports will reflect 2 inquiries in the last 12 months.

One was in November 2007 for a rental house

The other January 2008 new car loan

Anyone have any ideas whether the 1st one would take as many points away as the 2nd???

Just curious....I am waiting to pull my scores closer to when I try to apply for a mortgage (I'm cheap, don't want to pay twice for the scores)

[Anonymous]

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1111mel wrote:

Currently my credit reports will reflect 2 inquiries in the last 12 months.

One was in November 2007 for a rental house

The other January 2008 new car loan

Anyone have any ideas whether the 1st one would take as many points away as the 2nd???

Just curious....I am waiting to pull my scores closer to when I try to apply for a mortgage (I'm cheap, don't want to pay twice for the scores)

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In my experience, one inquiry doesn't usually cost anything.  The second one is the one that is hurting, although in general, inquiries don't hurt much.

[Anonymous]

Thanks.

I have one that says "Permissible Inquiry" What the heck does that mean?

Also, if the one inquiry to approve me for a rental says on the report that it was ran for rental approval does that not take points off (like when your credit is ran for insurance)??  My credit was ran to see if I qualify for the house not to lend me $$....I was wondering if the same principle applies here???

[Anonymous]

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@Anonymous wrote:
I am waiting to pull my scores closer to when I try to apply for a mortgage (I'm cheap, don't want to pay twice for the scores)

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If you are wanting to spend $100,000 (or any amount for a house) why would you worry about saving $50? I'm pretty cheap too, but I'm just trying to rationalize this for you. Spending that $50 on all 3 reports can save itself in the long run. You may have things you need to correct on your report. You'll certainly want to do that before you are really ready to buy a house.

[llecs]

Permissible inquiry refers back to the verbage in the FCRA involving permissible purpose of inquiries.

I wouldn't worry about inquiries. Just don't go on app sprees like I did. I now have 27 on EX. About 90% of those are from Aug & Sept. when I applied for everything.

My last one was added a few days ago when I appd for a CCCU CC. There was no hit on my score for that inquiry. I believe FICO hits due to inquiries are much ado about nothing. Damage is very minimal, if at all. However, inquiries will count against you if a lender sees you applying for a bunch of stuff in a short period of time, but usually anything less than 6 months is considered bad.

[Anonymous]

I know that my credit reports are accurate.  I take advantage of the free ones that don't give a score.  I'm just concerned that my scores will drop because I will have those 2 inquiries....my median score when I purchased my car last month was just over the hump at 761.

I just don't want those inquiries to ding me enough to get me under the 760 mark....

Thanks to everyone for your replies!

[Anonymous]

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1111mel wrote:

I know that my credit reports are accurate.  I take advantage of the free ones that don't give a score.  I'm just concerned that my scores will drop because I will have those 2 inquiries....my median score when I purchased my car last month was just over the hump at 761.

I just don't want those inquiries to ding me enough to get me under the 760 mark....

Thanks to everyone for your replies!

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Do you know which CRA's report has the INQs you are concerned about?  If you are concerned about it, you can buy your score on just that one bureau for about $13 after discounts (Google "MyFICO discount codes").

[RobertEG]

What to know about "rate shopping." Looking for a mortgage or an auto loan may cause multiple lenders to request your credit report, even though youre only looking for one loan. To compensate for this, the score ignores all mortgage and auto inquiries made in the 30 days prior to scoring. So if you find a loan within 30 days, the inquiries won't affect your score while you're rate shopping. In addition, the score looks on your credit report for auto or mortgage inquiries older than 30 days. If it finds some, it counts all those inquiries that fall in a typical shopping period as just one inquiry when determining your score. For FICO scores calculated from older versions of the scoring formula, this shopping period is any 14 day span. For FICO scores calculated from the newest versions of the scoring formula, this shopping period is any 45 day span. Each lender chooses which version of the FICO scoring formula it wants the credit reporting agency to use to calculate your FICO score.

[RobertEG]

As an example of what the consumer myFico report does not provide, but is listed when creditors do a hard pull, or when you get your free EQ report from annualcreditreport.com, is the prefix explaining the specific type of each individual inquiry.   Only hard inquiries are provided by myFico, but your full report lists ALL..

There are seven types of soft inquiries that you normally dont see on myFICO..  He are the exact definitions as provided on the EQ credit report obtained thru annualcreditreport.com:

PRM:   Inquiries with this prefix indicate that only your name and address were given to a credit grantor so they can provide you a firm offer of credit or insurance.  (PRM inquiries remain for 12 months)

AM or AR:   Inquiries with these prefixes indicate a periodic review of your credit history by one of your creditors.  (AM and AR inquiries remain for 12 months)

EMPL:  Inquiries with this prefix indicate an employment inquiry.  (EMPL inquiries remain for 24 months)

PR:  Inquiries with this prefix indicate that a creditor reviewed you account as part of a portfolio they are purchasing.  (PR inquiries remain for 12 months)

Equifax or EFX:  Inquiries with this prefix indicate Equifax’s activity in response to your contact with them for a copy of your credit file of a research request.

ND:  Inquiries with this prefix are general inquiries that do not display to credit grantors.  (ND inquiries remain for 24 months)

ND MR:  Inquiries with this prefix indicate the reissue of a mortgage credit report containing information from your Equifax credit file to another company in connection with a mortgage loan.  (ND MR inquiries remain for 24 months)

Message Edited by RobertEG on 03-07-2008 06:12 PM

[Anonymous]

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@Anonymous wrote:

I know that my credit reports are accurate. I take advantage of the free ones that don't give a score. I'm just concerned that my scores will drop because I will have those 2 inquiries....my median score when I purchased my car last month was just over the hump at 761.

I just don't want those inquiries to ding me enough to get me under the 760 mark....

Thanks to everyone for your replies!

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I had 1 (of 2 total) inquiry fall off yesterday, so I bought my score today. It went up 3 points. I wouldn't be too worried about a couple inqs on your report.