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gabo864

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if I have several inquiries on my Credit history, Should I wait before I apply for a mortgage?
My Credit Score

TransUnion 737
Equifax 723
FISCO (According to my Discover account) 722

My wife score

TransUnion 784
Equifax 765
I don't know her FISCO, but she's always had a higher credit score than me. A year ago when we got a loan for a car hers was 810

We both have stable jobs and our household income is about 75,000 a year. we have about $7000 in savings and a loan for $8000 for her car (we pay about $200/mo). Honestly we could be doing better in savings so we are currently working on it (saving about $1000 a month now).

I usually apply for most of our services so I have several hard pulls from Verizon and ATT, also one from American Express and recently open a new checking account which was also a hard pull (I didn't know they did this for checking and savings accounts)

Sadly over the last couple years I've had a total of 11 inquiries =/ my wife has only 1.

We are thinking about getting a home, but I'm not sure if we should wait for some of those inquiries to drop or if we should start looking into it. Any advice for us?

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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.

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I have had as many as 14 Hard Inquires at one time on my Credit Reports.  as Long as they are spread out you are ok. 

Currently I have 4 on one and 5 on the other here on CK. 

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Loans

The inquirys will not hurt you as much as you may think. Keep in mind whenever you apply for a Mortgage, the company will always use the lessor of the two scores with married couples applying togehter. If you wife is able to get the loan by herself that may not be a bad idea as she would get a much better conventional rate due to her higher score. If you guys are considering FHA it wouldnt matter. Both scores are good. :) 

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