Mortgage inquiries all within 1 week are not reporting as one?

[Anonymous]

I am trying to determine if the inquries on my credit report are working the way they should be.

I ended up buying a house and during January I had five pulls all within one week for mortgage applications. All went well, I was approved and we closed on the house.

When I tried to get a new sears card for new applianced I was suprised to be denied by the autobot despite all scores above 750. The reason given was too many inquries.

Now when I pull my TU report here it shows seven inquries. Two of them are almost ready to drop off and are unrelated to the mortgage apps. But the other 5 are all reporting.

Is this correct, even though there are 7 in the file, are the 5 mortgage ones counted as one? It sure doesn't seem that way to me!

[JoeBJay20]

Creditors have gotten increasingly skittish in this environment. It's true that the FICO algorithm only counts all mortgage inquiries in a set amount of time as one inquiry, but that doesn't mean that individual creditors will view multiple inquires in the same light.  You have to remember that your score is only one component of your credit file.  That being said, it's generally recommended to wait 6-12 months after your mortgage starts reporting to seek new credit.  You're always free to call and ask for a reconsideration.

[Lel]

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@Anonymous wrote:

I am trying to determine if the inquries on my credit report are working the way they should be.

I ended up buying a house and during January I had five pulls all within one week for mortgage applications. All went well, I was approved and we closed on the house.

When I tried to get a new sears card for new applianced I was suprised to be denied by the autobot despite all scores above 750. The reason given was too many inquries.

Now when I pull my TU report here it shows seven inquries. Two of them are almost ready to drop off and are unrelated to the mortgage apps. But the other 5 are all reporting.

Is this correct, even though there are 7 in the file, are the 5 mortgage ones counted as one? It sure doesn't seem that way to me!

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It's important to understand how mortgage inquiries are treated.  If you shop around for mortgage rates and get multiple inquiries within a short period of time, these inquiries will be scored as a single inquiry.  However, the inquiries are all still reported to the CRAs.  So even though your score will only see the effect of a single inquiry, anyone (and any creditor who looks at your file) will see all the inquiries.

Unfortunately for you, the Sears card autobot doesn't incorporate the same sort of reasoning as the FICO score.  It saw all the inquiries that came from your mortgage application, but did not "de-dupe" them in its decision-making algorithm.

[vanillabean]

When we refinanced our mortage in the fall, the loan was soon sold by the mortgage broker to the bank now servicing it. That's very standard, but since we didn't think about such a transfer at the time and as such didn''t consent to it, much less applied for it, I wonder if it was ok for the bank to give us a hard inquiry (even though it took place outside the initial window of treating multiple inquiries as one); they could obtained the same full current credit information about us with a soft inquiry.