Mortgage Inquiries

Discussion in 'Credit Talk' started by SM, Apr 19, 2001.

  1. SM

    SM Guest

    I read somewhere that if mortgage inquiries are done within a ten day period it only counts as one inquiry. Is this true? If so, where can I find the information to support this?

    Also, do mortgage lenders typically just look at the score or can I find some that will look at the actual report and work with me on explanations? I have a lot of inquiries over the last couple of years from applying for mortgages and an auto loan. I want to be able to explain these to a potential lender - if they will give me the time of day.
  2. kim

    kim Well-Known Member

    Any good lender will look over your report and let you know exactly what you need to do to qualify for a mortgage loan. I used Homebanc here in GA.

    RE: Inquiries from lenders, it's true. They should only count as one inquiry. I don't know where that's written though.
  3. Momof3

    Momof3 Well-Known Member

    Yes mortgage and auto loans inquiries are supposed to be coded a "one" within that time period, BUT remember we are relying on the CRAs to code them correctly and we know how reliable they are.

    Yes mortgage lenders go beyond the score, score is a factor however they examine your reports and asks questions and ask for explanations.
  4. Linda

    Linda Well-Known Member

    Something to consider


    Late last year I applied for a mortgage which generated a couple of hard inquiries that clearly indicate those inquiries were for the purpose of obtaining a mortgage. Well, the thing is I think that has severly undermined any offers when it comes to trying to negotiate with creditors and collection agencies for a more favorable reporting status. There are a few persistent collection agencies that check my credit reports on a regular basis and now they can obviously see that the reason why I would want to negotiate with them, after all these years of ignoring them, is because now I'm looking to buy a house.

    I'd be interested to know if this has hindered anybody else in dealing with creditors and/or collection agencies.


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