Posted on: 27th May, 2008 09:40 pm
How many inquiries do you think can hurt the credit most? When do I know it’s too many?? I have applied for credit last September and got denied due to charge off on an old debt. You think these inquiries can add on to lower the score?
Hi Guest,
Welcome to the forum.
Yes inquiries lower credit score but only few points but if multiple inquiries will drop your credit score to a grant extent. So try to avoid multiple inquiries.
Best of luck,
Larry
Welcome to the forum.
Yes inquiries lower credit score but only few points but if multiple inquiries will drop your credit score to a grant extent. So try to avoid multiple inquiries.
Best of luck,
Larry
Welcome Guest.
Agree with Larry that inquiries can lower credit score and multiple inquiries are even worse. for each inquiry 4 points can be dropped.
Agree with Larry that inquiries can lower credit score and multiple inquiries are even worse. for each inquiry 4 points can be dropped.
with mortgages and auto loans, you will have a 30day window to shop around. You can multiple credit pulls, and it will only count as 1 credit pull.
The points may vary on how high your score is, how recent was your last credit pull, AND how many credit pulls you have had in the last 2yrs.
Remember that soft pulls DO NOT hurt your credit score.
The points may vary on how high your score is, how recent was your last credit pull, AND how many credit pulls you have had in the last 2yrs.
Remember that soft pulls DO NOT hurt your credit score.
Hi there,
It seems that there is a lot of confusion in the mortgage arena about multiple pulls counting as only one in a set period of time.
If the company the report is purchased from uses the Next Gen software, multiple pulls in a short period (likely 14 days) will only count as one inquiry,
If they are still using the older software (81% of the companies are), each inquiry is separate and will count against you.
The positive thing is that after 90 days, they count less and less.
LG
It seems that there is a lot of confusion in the mortgage arena about multiple pulls counting as only one in a set period of time.
If the company the report is purchased from uses the Next Gen software, multiple pulls in a short period (likely 14 days) will only count as one inquiry,
If they are still using the older software (81% of the companies are), each inquiry is separate and will count against you.
The positive thing is that after 90 days, they count less and less.
LG
Let me set the record straight. The FICO scoring model only scores on the last 12 month although the inquiry stays on for 2 years.
The point damage is based on what Scorecard a person is in. The current version is Classic ver 2. Next Gen has never been adopted by the mortgage industry. You have the 14 day period for auto and mortgage inquiries only.
One or two inquiries may hit you with no point drop at all or a few points depending on they Scorecard they are in. Multiple inquiries will do much more damage up to a max of ten within the past year.
I hope this help.
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The point damage is based on what Scorecard a person is in. The current version is Classic ver 2. Next Gen has never been adopted by the mortgage industry. You have the 14 day period for auto and mortgage inquiries only.
One or two inquiries may hit you with no point drop at all or a few points depending on they Scorecard they are in. Multiple inquiries will do much more damage up to a max of ten within the past year.
I hope this help.
Link Deactivated Per Forum Rules
http://www.mortgagefit.com/terms-services.html
I don't think that it is so important to worry about how much you score actually drops as apposed to how desperate it makes you look to other creditors. Where I work we process loan applications of all kinds from 2nd mortgages to credit cards and personal loans. One of the main reasons, aside from an extremely low credit score, that most people are declined is due to multiple inquiries. If the last time that you applied for credit was in September and you haven't applied again since than good for you. I would say that the average consumer will apply to atleast a few places if they are being declined.
what is a second mortgage. i hear this all the time sometimes people even having a third mortgage. that sounds pretty risky.
Not risky at all fireyone, if you can afford it. Most people have more equity in their home then they have out on their mortgage. This equity grows at each time you make a payment.
Some people will take out these second mortgages to cover other bills or for construction loans and for a lot of other reasons.
Hope this makes it more clear to you.
Some people will take out these second mortgages to cover other bills or for construction loans and for a lot of other reasons.
Hope this makes it more clear to you.
Great explanation, however people need to be responsible with second and third mortgages. The key word is if you "can afford it."
Just went to a siminar and each pull of a credit report lowers your score by (12) twelve points.
Hi, 12 points just seems way to high. As i have seen and heard that 4-6 is more in the range of each pull but can be much greater if multiple pulls are being put together in a very short period of time.
Hi there I agree with Scott above I have had multiple inquiries on my credit in the past, and it just results in making my self not only look desperate, but just get denied credit, and everyone will just keep on saying no until I let all those queries drop so I try not to have my credit pulled too often.