🚀 go-pugleaf

I've read that:

1.) The total number of inquiries on your credit files counts for only 10% of
your FICO credit score. 

2.) The more recent these inquiries are, the worse for your credit score. 

3.) FICO scores only count inquiries from the past year.

So if your score is otherwise good, the effect should be negligible.  It might
knock you down a bracket if you're on the edge.

I don't know about "multiple inquires within a short time period count as one"
but would guess that only counts for related inquiries (I.E., all related to the
same mortgage) and not for distinct inquiries (I.E., if you apply for 5 retail
charge cards in the same week). 

Didn't your mortgage brokers show you the FICO they pulled on you as part of the
myriad paperwork they sent?  If not, you should've asked them what it was.  Your
broker might also be willing to give you "insider" information about information
they pulled on you and how credit scoring systems work.

I recently bought a house; for me, this involved shopping with a few brokers and
several credit checks for utility setups and requisite furniture/landscaping
purchases.  I pulled my own FICO a few months later and it was a bit higher than
when i'd checked it before the home purchase.  So i wouldn't worry too much. 


In a previous post, deja_bhoot2000@yahoo.com (Bhoot Nath) said:

>I have two simple questions about credit inquries on FICO score:
>
>1. Approximately how many points are deducted for each inquiry?
>(Excluding "soft" inquries, such as those for review, initiated by
>consumer, etc.).
>
>2. I have read in many places that "multiple inquries within a short
>time period count as one". But nowhere hve I read a clarification on
>is considered "short time"?
>
>For example, over the past 2 years, I have refinanced 4 times (each
>time, zero-cost refinance). Each refinance has resulted in at least
>THREE credit inquries: one by the mortgage broker, one by the eventual
>lender (Wells Fargo, typically), and one by FreddieMac. Typically the
>second inquiry is about 25 days after the broker inquiry, and the
>FreddieMac inquiry about 10 to 15 days after the second inquiry.
>
>So, do these inquiries count as TWELVE inquiries, or as 4 inquiries?

--- 
Vincent J. Hrovat / Omnia quia sunt, lumina sunt.