Mortgages vs renting and Score impact

[veracious]

I recently posted a thread about the penalty incurred from moving from one state to another.

My beliefs are that you are penalized because you have sought new credit....inqueries for utilities ,etc,etc.

If mortgages are considered by Fico Scoring as installment loans which can benefit your score over time,

what about rentals??    Nada, nothing, waste of money.   Why doesn't Fico Scoring consider this as a necessity

and not penalize you with a negative impact  because you had to get these new inquiries because they were necessary.

Help me understand this obvious flaw in Fico Scoring.  When moving to a new location, all new inqueries are a necessity.

Am I in error in my thinking?

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ETA:  After reading my post , I guess it sounds like a rant,  but  I trully believe it is a flaw in the system.

          Since I would like to obtain new credit after moving,  any creditor can decline to extend me a new credit line

           because I have a number of new inquiries.   How, why can they do this?

[smallfry]

I agree with you. FICO needs to score these requests for utilities and services differently than applying for cards cars mortgages and the like. 

[veracious]

Thanks, smallfry.    I thought I was the only one who felt this way.

I suppose the only way to beat this obstacle is to apply for a few cards before the move.

With my luck , the two new credit cards I want  will be hard to get with back to back apps.

I would prefer to wait  for the cards until after the move because I may buy a house if a good deal can be found.

So again,   I'll be punished for apping before the mortgage . If I wait to get settled in, I'll still

have fresh inquiries for utilities, rental,  etc.  No room for new credit card apps then.    

 I feel it's a no win situation.

ETA: Spelling

[smallfry]

Credit pulls for rentals utilities phone that sort of thing is a fairly recent development. I guess some of these jokers think because they can pull means that they should. Actually they could probably get enough info for their purposes with a soft pull but most probably don't even know the difference. 

[veracious]

Yeah,   smallfry, you are right . Jokers is a good name, while I prefer to call them "mopes".

The whole credit game reminds me of pick-up touch football games as a youngster during summers.

You travel to a new neighborhood and play with guys who cheat, then you want to go home.

But hey,  you gotta play in order to stay in shape until the new season starts.

[Anonymous]

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@veracious wrote:

Thanks, smallfry.    I thought I was the only one who felt this way.

I suppose the only way to beat this obstacle is to apply for a few cards before the move.

With my luck , the two new credit cards I want  will be hard to get with back to back apps.

I would prefer to wait  for the cards until after the move because I may buy a house if a good deal can be found.

So again,   I'll be punished for apping before the mortgage . If I wait to get settled in, I'll still

have fresh inquiries for utilities, rental,  etc.  No room for new credit card apps then.    

 I feel it's a no win situation.

ETA: Spelling

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Not necessarily.  DH and I both had several brand new cards opened right before apping for a refi on our mortgage.  (We were planning on doing the refi about a year later and suddenly found we were able to move the timetable up significantly).

For us, there was minimal impact from the inquiries (and even the new accounts).  And the new accounts were non-issue during the manual review.

YMMV on this, but I found with FICO, I do well if I just move forward with my life without fretting or becoming anal about it.  I like to learn what's available, consider it in my decision making, and live life without being dominated by FICO fear. 

IME, I find my FICO knowledge is best if used as a helpful tool rather than a dominating master. 

[veracious]

Thanks  beamMeup, for the information and advice.

I'll just take a deep breath,......(sighs)......   and recite the Serenity Prayer.

There ,....  I feel better already