Does anyone know how long hard inquiries reduce one's credit score? I have heard that only hard inquiries within the past 6 months hurt you, but I have also heard that some creditors look for the past 12 months. Anyone? Once I manage to get my AMEX Blue application approved (or, more correctly, the denial overridden), then I am done applying for a while. I am just wondering how long I will have to wait before applying for credit again. A year is a looooong time to wait without making an application, especially when there's a few more prime cards I want to put in my wallet. Appreciate the advice. -chriscraft
When I applied for a mortgage in 1998 the lender considered inquiries for 12 months against us. We had very few so it didn't hurt us but he mentioned it so that before we closed on the house we wouldn't add any as they DO pull another credit report just before closing. I think some cc companies take into consideration 12 months and some only 6 months.
Most creditors only take into account the past 6 months worth, 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 pulled hubby's Transunion today.. there is a statement that inquiy's stay on your report for 2 years. Now how creditors consider them would be a different story.
<<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 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? The statement 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. I had FNCB remove all derogs since then and with the inquiry from Nov, it dropped to 679. Thank you for your help. Bunni
Target declined me in 2000 with a message that included "inquiries within the last 12 months" or similar words.
