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Tampatexan

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multiple hard inquiries (7) by Equifax for mortgage - shouldn't they only count as one?

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tampatexan

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I bought a house last year and there were several hard inquiries.  I was told (and I believe it to be true), that this will not hurt you for the following reasons.

Keep in mind the FICO numbers are just that, numbers.  The real credit worthiness is what a lender decides, not FICO.  I was told that even if they show multiple inquiries, that when they show up in a relatively short time frame, all from mortgage companies, it is obvious to them that you were loan shopping for a mortgage and isnt held against you.  The reason for tracking the inquires is to warn potential lenders that you may be trying to amass a large amount of cc credit in short order, and that understandably will make them nervous.

I understand none of this helps you if all you care about is the FICO number, but from a credit worthiness position it shouldnt hurt.

It is my understanding that lenders take the FICO numbers and then run thier own credit formula based on what is on your report.  Based on the type of credit you are trying to get: CC, auto, home, etc.. what may be very important to one lender may not be very important to another.

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Dogchow

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Is there a way to have these multiple hard inquiries for an Auto Loan or mortgage removed and consolidated to just one to improve the FICO score?   

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