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Posted in Mortgage
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RetiredRN2001

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Why did my credit score drop 6 points due to a second inquiey from same mortgage company in 7 weeks?
I'm applying for a construction to perm loan and the same mortgage company made inquiries 7 weeks apart. Why was I dinged for that? It is the same loan.

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You were dinged because of the time frame in between the inquiries. If they were done within a short period of time of each other, most scoring systems would only score them as one. Inquiries only remain on your reports for two years and with FICO will only cause damage for one year and the damage is slight. Unfortunately you may want to expect this company to do more inquiries in the future. I would be sure to leave some negative reviews for this company if they do it any more.

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Lies

The subject of mortgage inquiries is a farce. The credit companies will tell you that if you have multiple inquiries concerning the same thing, like rate shopping for a mortgage, it will count as one if done within a short period of time. I tried twice to purchase a home, and when I went rate shopping both times, all the inquiries from a half dozen mortgage companies added up, and my credit scores went down. In fact, one company (Credco) did several inquiries over a span of three days for the same bank, and it is still listed as separate inquiries to this day. I believe this was done intentionally, to lessen my scores, so my rates aren't as good as it could have been. Do I believe in conspiracies? It is hard not to.

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