For mortgage purposes, generally no.  FICO realizes that most people shop for a mortgage and that lenders must run credit reports to provide accurate rate quotes and pre-approve a buyer.  Typically, borrowers are going to do their lender shopping during a short amount of time.  Therefore, when a mortgage inquiry is made on a credit report during a 30-day time frame, it only counts as one inquiry.  For example, if a mortgage inquiry is made on March 1st, 5th and 10th, those 3 inquiries only count as one inquiry in the FICO scoring formula.  However, if a new mortgage inquiry is made on March 31st, since its past the 30 days of the first inquiry, there will be a 2nd inquiry included in the FICO score calculation. It’s also only the 2nd inquiry because the inquiries made on the 5th and 10th are still within a 30-day time frame and are included in that inquiry calculation.  Different types of credit inquiries count towards the FICO calculations. If a credit card is applied for during the same time period of mortgage inquiries, then the credit card inquiry is scored as a second inquiry because it’s a different type of credit.  Credit inquiries only account for 10% of the scoring model, so inquiries in general have a minimal impact and you’ve got to have quite of few of them to impact your score.  If scores are low, its generally because of late payments, collections or high credit utilization, not inquiries.

About the Author: Jolynn Craig

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