Inquiries- how long to wait

Discussion in 'Credit Talk' started by sindy3, Mar 22, 2001.

  1. sindy3

    sindy3 Guest

    I am thinking about buying a house hopefully by the end of the year or in early 2002. I recently went to a mortgage broker to get my FICO score (a low 620) and he told me not to apply for credit in the next couple of months as I have 4 recent inquiries on my report. I really need another line of credit however and as I have decided not to go ahead at the present time with the mortgage process how long should I wait to apply for a Sears card? At present because of the 4 recent inquiries I know would probably get turned down (right?) but if I wait too long then it will be on my credit report when I do want to go ahead with the mortgage application process. Ideally I would like to have a mortgage broker pull my report and see no recent inquiries- do you know how far back they check anyway? Is it 6 months? But I also would like a Sears card. Also do inquiries hurt my FICO score? What can I do to improve my FICO score? I know I am asking lots of questions but I really need another line of credit and want to make sure that when I apply I get it so that it won't be a wasted inquiry. Can anyone advise me? Thanks.
  2. newhouse

    newhouse Guest

    Re: Inquiries- how long to wai

    Sindy....I was in the same situation....and just closed on my house, so I have alot of pent-up inquiry energy! :)

    Just thought I'd mention that my loan officer indicated that they would be most concerned if I had many inquiries in preceding 6 mos....and of course it would be more worrisome if my existing cards were close to being max'd out. But, remember that inquiries do affect your score.

    Just as an aside, are you waiting on a home purchase because of your scores? I got 3% down, no pmi, no points, market rate mortgage with scores just slightly higher than yours. Check with your city/county/state housing dept.s for special 1st time home-buyer programs
  3. Ann

    Ann Guest


    Could you tell me how you go about finding out this information, is there a website or do you contact a local agency and what agency would that be??

  4. Erik

    Erik Well-Known Member

    Re: Inquiries- how long to wai

    Inquiries with the previous 12 months will lower your FICO score somewhat.

    It's hard to guess at how to improve your FICO score without knowing what's on your credit report. The 4 score reason codes will give you a clue. Generally speaking you want to keep a low balance in relation to your credit limits. The older your open accounts are the accounts are, the better. Two dates to keep in mind are the date opened of your oldest account and the average date opened for all your accounts. The recommended mix that many people believe around here is 3-4 major cards and 1 department store card. Do a lot of reading around here and you'll start to understand how to best handle your particular situation. It is somewhat of a guessing game. Good luck.
  5. sindy3

    sindy3 Guest

    Re: Inquiries- how long to wai

    No, I am waiting because I am just not ready to find a house, move etc right now. Later in the year would be better for me. Do you think that with 4 recent inquiries I should wait on the Sears card? I guess I could wait until around Auguat to apply- but is this necessary? When I say 4 recent inquiries I mean in the past month or two.

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