260 People Helped
Member Since: March 2014
Hard inquiries lose their negative impact realitivly quickly with most scoring models. As long as a mortgage lender does not see a lot of pulls in the past 6 months, this should not be an issue. The underwriter typically looks more at what the pull was for. If you have many pulls that maybe mortgage related within the near past, then they will start digging deeper to make sure that you did not get a major loan that is not reporting yet.
Please also remeber that those score you posted may NOT be the ones that a mortgage lender sees. Every lender may use a different scoring system. TU,EQ,EF are ONLY data bases, and yiou never know if a lender maybe using a FICO 2, FICO 27, Vantage, or even thier own scoring model. This is why you shop for major loans. Just make sure that when you shop for your mortgage you apply with 2-5 lenders within the same week. This way for the next year or so, while the hard inquiries have an impact, the scoring models will consider all of them as only one inquiry.
Yes even opening an aaccount with a bank causes an inquiry, as they will not give you an account if you have very bad history.
Nomadre's response was:
If you have a bank acount anywhere go talk to them about a secured personal loan of 1,000 for a year. This was the very first step I took to building credit. They put the 1,000 in a CD which earned a little interest that had both the bank on my names on it. I paid monthly payments for a year to the bank, then got the CD plus interest when I finished paying. It cost some money in interest, but not a lot, and after a year you have shown on time payments and it opened the door for me to get my first ucredit card, it was unsecured.
You have to wait 7 years (I believe) before it comes off your account. Unless it is reported in error, in which case you file a formal dispute with TU,EF where it is reported, there is nothing you can do but wait it out, and keep building good credit items.
It is great to see that someone took the time to read and learn! Seems like you have now a firm grasp on your financial situation, and know what you can do to hurt and help that score in the future.
How hard is it then to get the unfreeze? So lets say in 2 years I want to buy a new car and start shopping for autoloans? How hard is the process to unlock your credit, or can you handle for just a one time buy without removing the freeze?
Nomadre's reply was:
Per consumer reports "Cherry-picking about 30 of almost 130 elements in a credit report, each insurer creates a proprietary score that’s very different from the FICO score you might be familiar with, so that one can’t be used to guess the other reliably."
Therefore unless we get lucky and find someone in the industry to post on the boards, we can only guess. but infact this is not much different than what we do with all scores, since we do not know which FICO system or even other scoring system anyone uses. But we can know that if we are pushing up our Vantage score, it can only help with the insurance scores and visa versa.
The are three things to help. One, gain more income. Two, lower your debt amounts (make sure card is 0 balance and get make extra payments on the car). Three, look for a lower priced home.
Your income to debt ratio is a major thing for a home loan. It means that if you owe more than a certain percentage of your income that you are a high risk.
You can not delete them, they will come off in 7 years for most types. You can dispute them, this may cause the agency to remove the item until the lender can prove you owe the money, then it gets put right back on if they can.
This is not true. Due to there being MANY scoring systems you can not make a blanket statement like that. I have had some scores come back higher and some come back lower than what the Vantagge score that CK uses shows. Remember there are over 20 FICO scores, and countless scoring systems that lenders make for themselves.
You get no score form Tansunion (or any other Credit Reporting Agency), lenders get no score from transunion, CK gets no score from transunion. Transunion, is only a database of your credit history. CK then takes that data and plugs it into Vantage to come up with a score. Your car loan took that same data from Transunion and put it into a different one, maybe a FICO2 (or even one they made up themselves), and then Crdit Card took the same data from Transunion and maybe they put it into FICO8.
Tansunion may give you a score if you ask them when you pull a yearly report, but they might use FICO23 who knows. Lenders themselves do not get a score from Transunion though, just the data.
Each model will rate different factors higher. A homelender wants to see very low credit card usage, and needs to see diversity. A credit card lender may actually like to see higher usage, but if you have any late payment it will kill you. These are only examples of how the score can vary. I am about 20-30 points lower (than shown here in CK) for a car loan, and yet for a home loan I was 40-60 higher than what CK shows. so this is about a 90 point difference between the two within a few months, with no major change in the score here at CK just a couple points drop due to the hard inquiry