🚀 go-pugleaf

On 12 Feb 2004 17:04:18 -0800, deja_bhoot2000@yahoo.com (Bhoot Nath)
wrote:

>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?

I would believe that if you've been able to refi 4 times in 2 years,
your FICO score is not a problem.

I understand that multiple inquiries surrounding a refi would count as
one, on the basis that a consumer is not likely to get multiple first
mortgages on the same house.  It's a different story for credit cards
and other consumer loans.