<<Mist ..so that before we closed on the house we wouldn't add any as they DO pull another credit report just before closing.>> << mindcrime2 ..mortgage companies look further, and also pull two reports because they're loaning you hundreds of thousands of dollars, vs. a credit card company giving you a c.c. with $5000 limit.>> I have just sent off my contact to build my modual home, since the mortgage company and manufacturer finally worked out the terms. I noticied on my EQ that it I had an inquires in Oct 2001 and then again in Nov 2001 from the mortgage company. Both of these inquiries on EQ no other CRA. Was it necessary to pull another credit report one month apart? My loan is for less than $50,000. If it wasn't necessary, can I dispute the inquiry in Nov and have it removed? The statement from Mist above mentions they will pull another credit report again before closing which will be in three weeks. The reason I asking is because I want to refinance the home after it is built. I called around and I was told I could get much lower interest rates. Will these three inquiries from the same mortgage company hurt my chances of getting lower interest rates in refinancing? I know that my FICO score was 681 in Oct. Even with FNCB removing all derogs since then and with the inquiry from Nov, it dropped to 679. I guess the postive fro FNCB kept it from dropping any lower. Thank you for so much for your help. Bunni Postive side: Experiean deleted Radio Shack..I just disputed the 90 days as wrong and a collection account was deleted. So EX FICO score 719.
Bunni, the mortgage inquiries won't hurt your chances with the mortgage company, but will hurt your chances on applying for credit after purchasing your home. My mortgage lender pulled my report...seven times (each report, 21 freaking inquiries). My husband and I really can't apply for anything right now because our reason for decline is "excessive credit applications" (he got this for Juniper, I got this for Amex). Our scores are in the mid 700s. I can't even finance a bed for 6 months 0% financing because of the excessive inquiries. I would contact the mortgage lender before you close to ask why. If you can get away with 2 or 3 that's usual. Anything above that you're gong to have problems. I have since contacted our lender and I'm going to dispute them through the credit bureaus and hopefully they will be removed, but I'm not holding my breath. Good luck. Dani
