Ok, well how many soft inquiries does it take to hurt? Are mortgage inquiries considered soft? Thanks
Soft do not hurt, they are just annoying because they can just make your report long and a lot of pages. ALL HARDS HURT, whether you have 1 or 100 (which would be insanity) But the perfect number of inquires hard that is, is 0
if you apply for credit from anyone it hurts period. so the answer is hard. It is kind of stupid but if you want or need credit, it hurts to get it.
Actually "1" is the perfect number http://www.ftc.gov/bcp/creditscoring/present/sld008.htm humblemarc
Ok, I am getting there, so If my mortgage broker pulls my credit to look at the score, this is consider hard? My goodness, tell me it ain't so. The broker told me that the inquiry would not hurt my credit score, however I think it has, my score went from 636 to 536, don't know how it dropped 100 points, the report is the same as it was two months ago, no difference. I don't understand what would make my score drop like that. I would imagine the broker would have to pull my report every day, three times aday for my score to drop. I am totally confused. Now it seems as if I will NOT get my new house. I was preapproved two months ago, suppose to close in 30 days and my damn score dropped, what am I to do????? Any one Please.....
100 POINTS, WTF, where when you got your original score who gave it to you, and your second score who gave that to you. If it is the same person, then something is really wrong. Are you also sure nothing and i mean nothing has changed
real estate inquiries are usually lumped together as 1 inq. In order for it to drop that much, he would have to pulling at least 1 a day. if you were pre-approved, they would only pull again right before closing to make sure nothing had changed drastically. Kbanger's right, something's not right. Who are you getting your score from? Mortgage lenders often use a somewhat modified system that our usual FICO scores. try to explain in as much detail as possible humblemarc
Are your balances the same? that can drastically change your score. Are you sure it's 100 points? If you looked up your score, and are comparing it to your brokers score, it's not going to be accurate. The score we see is way off. How many inquiries are showing as new? You lose approx 5 points per (+/-3) Look to see how many have been pulled. When you saw your score before, did you have something in dispute, and it's since been verified? That can effect your score too!
Humblemarc is right, 1 hard inquiry every six months or so is ideal. It indicates that you do use your credit but do so wisely and with restraint. That's what lenders like to see. On the other hand KBanger is right also. A hard inq. without a corrosponding account makes it appear as tho you were turned down for credit, not good. Soon someone will suggest "yea but, that excludes the shopping for a mortgage or car, best rates, blah, blah, blah. The problem is that creditors assume the worst not the best when reviewing credit reports, when they even get reviewed.
Yes, I did have something in dispute a few things, but it has not be verified as of yet, still waiting..... I am sure it is 100 points, because it is the credit report my broker pulled, I never pulled the report. There are a couple new inquiries, but nothing else. And I do see one 30 day late, that I am going to have to dispute...because I wasn't late... What do you think...........Thanks for your help!
If I can't get my score back up to atleast 630 I will not get my 250k home. I am about to cry. This is the house I saw get built, the house I pick, the lot, the colors, the tile, the brick, etc.....now I may not get my new home because of this problem....boy this is so sad for me. What am I to do.
Dimples, These 2 scores have to be coming from 2 different sources. That's not to say the same person couldn't have told you about them. Tracy's right on. The mortgage companies often use different models than FICO. So one score is from FICO the other is from the lender. Which is which, you'll have to determine by asking a lot of questions. 1 hard may cost about 3-5 points. It would take 20-30 pulls to affect your score to this extent. Something is amis. Let us know.
Yes, I did have something in dispute a few things, but it has not be verified as of yet, still waiting.... Are you they have not been veified yet? I am sure it is 100 points, because it is the credit report my broker pulled, I never pulled the report. There are a couple new inquiries, but nothing else. How many is a couple? And I do see one 30 day late, that I am going to have to dispute...because I wasn't late... A recent late pay can literally kill you, get the OC to rereport right away, and so you do not get another inquiry, just to prove that have them on their official letter head draft a letter stating it is an error and you were not late What do you think........... I think that you need to check all three reports because mortgages are usually based on tri-merges and they usually take the middle score. Do you have Creditwatch, Creditexpert and have not been blocked at Transunion. Check today!
Well, take it easy Dimples, Your score was good a cpl months ago. All else being equal it cannot have dropped this drastically. Contact your lender Tue. and see if you can figure out what they are relying upon to calculate the 100 point spread. The devil is somehwre in the details.
1. No the disputes have not be verified, should show something by the 5th of this month....Would disputing affect the score? 2. A couple = 3 recent inquiries..All coming from the broker. 3. No I do not have Creditwatch, Creditexpert and what does being blocked at Transunion mean? What will Creditwatch, Creditexpert etc do for me? Thanks.
I agree with you, there is something there that I am over looking. I just wanted to check all my options. 100 points is drastic indeed..........thanks for your support.
