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I am so frustrated I could scream! I have a 731 credit score, had a 30 day late four years ago but absolutely no late payments, no deliquencies since. I was denied just last week due to "high number of inquiries"- they have ALL been mortgage applications!!! That was the only reason listed as to why I was denied. Other denials have included that above mentioned delinquency but like I said that was FOUR years ago with perfect credit since. No bankruptcies, no foreclosures, no repossessions and I can't get financing. I make excellent money, am not over extended- I don't get it! I've applied to five different banks but always varied reasons listed for denials. I call to ask why exactly they are denying based on whatever reason listed and I'm either told to obtain my "free credit report" to see what is listed or my phone calls aren't returned at all.
I and my husband's combined income exceeds USDA Rural Development guidelines so we're left with FHA.... if I can only get approved!!

adonis · Posted: Sun Sep 04, 2011 8:13 pm Post subject:

Welcome sidz,

High number of inquiries on your credit report can be one of the reasons for the denial of a mortgage. You should check your credit report and if you find any unauthorized inquiries, then you may request the credit bureaus to remove it from your credit report. Now, that will be the discretion of the credit bureaus whether or not they will consider this request.

gmakerley · Posted: Mon Sep 05, 2011 1:12 pm Post subject:

I'm so fed up with this continuous babbling about "experts."

Okay, 'nuf said. There has to be something else going on with your applications besides those 4 recent mortgage-related inquiries. Have you car shopped...requested increases on credit card limits...sought any personal loans?

The lender is right - you need to immediately look at your credit report - actually one of those lenders ought to have provided you with a free copy of the report so you could peruse that. If you can arrange to have the inquiries removed, that'll no doubt help you.

sabrinatoss · Posted: Tue Sep 06, 2011 12:37 am Post subject: hi sidz2009!

High number of inquiries or excessive inquiries can be an indicator of poor financial judgment. A certain number of inquiries are fine. However, too many differing types of inquiries in a short span of time can be seen by a lender as desperation on the part of the borrower, which is a good reason for such denies that you went through.

chrisgummerson · Posted: Tue Sep 06, 2011 8:46 am Post subject:

I think that there is also something else missing, unless you had 10 separate companies running your credit, opening credit cards, car shopping etc...But just the inquiries, should have been easily explainable with a letter of explanation. Given you are purchasing a home, inquiries are a given.

tomburris · Posted: Wed Sep 07, 2011 11:03 am Post subject:

inquiries are overrated.
a simple letter to the underwriter that all of the inquiries are for a mortgage and no new credit was issued as a result of those inquiries is sufficient.

you need to talk to a good mortgage banker..... not a bank. and get the real reason why you have been denied.

jveenstra · Posted: Fri Sep 09, 2011 8:25 am Post subject: Inquiries

You seem to have been told that the mortgage was denied due to too many inquiries and only for that reason.
As several have noted above, it is unusual and rare (in 28 years I have never seen any application denied for only that reason).
Have you applied in several places and been denied every time? and for what reasons?

If you have not been denied several times, just go apply someplace else and wherever you apply show them the denial letter so you and they know ahead of time what the prior concerns were.

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