Hard Inquiries TANK Your Credit Score (and 7 Other Credit Myths)
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- Опубліковано 1 чер 2024
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- DISCLAIMER -
Kyle Andrew Seagraves is Federal Mortgage Loan Originator (NMLS 1701021) licensed in all 50 states with the Dan Frio Team at Allied First Bank (NMLS 203463), an Equal Housing Lender. Separately, Kyle owns Win The House You Love LLC, an education company. Win The House You Love LLC is not a lender, does not issue loan qualifications, and does not extend credit of any kind. This video is only for educational usage. All calculations should be verified independently. This video is not an offer to lend and should not be used directly to make decisions on home offers, purchasing decisions, or loan selections. Not guaranteed to provide accurate results, imply lending terms, qualification amounts, or real estate advice. Seek counsel from a licensed real estate agent, loan originator, financial planner, accountant, and/or attorney for real estate, legal, and/or financial advice. Allied First Bank is not affiliated with the VA, FHA, or any other government agency. This video has not been approved by any government agency.
thanks for sharing Kyle!
Hello Kyle. Thanks for what you’re doing. I’m planning on getting a mortgage in April -June. In February 6th opened another credit card to actually boost my credit score. But today, February 21st my credit carma report showed me decline of my credit score for 15 points. I’m actively using&paying off new credit card. Do you think I can get my points back soon or ?thanks
Hi Kyle! Is credit score negatively impacted when you completely pay something off? My final monthly loan payment for my car is scheduled for November of this year. Thank you!
Paying off a debt can lower your average age of accounts which may lower your score, but you should see it come back up in a few months to where it was before :)
Trying to find on ur channels about the 1099 to buy a house
I don't have one of that specifically, but you can buy if you're self employed
Hard inquiries don't destroy your score BUT you will be denied credit if you have too many recent inquiries. I have a 750 score and can't be approved for credit cards due to home shopping last year. Denial reason will even say "TOO MANY INQUIRIES"
The score isn't the end all be all.
I've consistently had 2-5 inquiries my whole life and have never been denied for that, however, it was always a reason for "why your score is so low." Plenty of people have dozens of inquiries and 800+ credit scores reporting no issues, you have a credit score for a reason you gotta use it somewhere. I feel like that literally can't be the only reason you're being denied, and if it is there's another reason they don't want to approve you.
Korg nailed it. When you get a credit report it will often say there are too many inquiries. This is true even for people with 800+ scores. The credit reports info on why your score is affected is terrible. To clarify, I'm talking about mortgage inquiries in this video.
We've never had a client turned down for a mortgage because of mortgage inquiries and I've never heard of it happening with other loan officers. A Mortgage Adverse Action letter (when you're not approved) doesn't even have mortgage inquires listed a reason for denial.
@@WinTheHouseYouLove so I currently have 1 hard inquiry I'm looking into applying for a mortgage soon but I also want to apply for another card so is it best to apply for the card before the mortgage loan
Hi Kyle! Can you do a video on HLOC? Please and thank you.
Yes, hard inquires penalize you 10 points. It's criminal. Rule needs to be abolished
0-5 points impact on mortgage FICO according to Experian
Wow. I was just looking at my inquires a hour ago lol. I can’t wait for them to fall off smh I hate that the wait is 2years. It’s really a mental thing more than anything I’ll probably gain 30-40 points when they fall off. And I have been denied for too many inquiries in the past as one of the reasons. so those are 2 reasons
Thanks for watching!