Does inquiries lower credit score? How many inquiries are to

0.10 Dollars($)

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?

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

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

Niicss · Joined: 03 Oct 2005 Posts: 1047 156.15 Dollars($)

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.

banker0679 · Posted: Wed May 28, 2008 9:33 am Post subject:

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.

Guest 0.10 Dollars($)

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

Guest 0.10 Dollars($)

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.

Link Deactivated Per Forum Rules
http://www.mortgagefit.com/terms-services.html

smckaybiz · Posted: Sat May 31, 2008 5:50 am Post subject:

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.

fireyone_02 · Joined: 20 Mar 2008 Posts: 281 2.17 Dollars($)

What is a second mortgage. I hear this all the time sometimes people even having a third mortgage. That sounds pretty risky.

jbarto65 · Joined: 04 Nov 2007 Posts: 627 0.00 Dollars($)

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.

cliff · Posted: Sun Jun 08, 2008 8:30 pm Post subject:

Great explanation, however people need to be responsible with second and third mortgages. The key word is if you "can afford it."

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