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how many hard inquires is to many for a mortgae approval?

I have 21. tried to get a home and a new car last year in between January and march, along with quite a few major Credit cards. I was declined for the house, car and a few cards, but have 4 major cards i was approved for since then, and got approved for a car in March this year. I am 23 years old. My fico is 520 by kronvold424 from Camden, New Jersey. Jul 22nd 2019 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

Much more info needed, but in general.. It's not the inquiries that is causing the denials.. And when it comes to inquiries, there is no magic number, but with 21 inquiries and a 520 fico, you need to back off trying to apply for credit and fix the problems which are driving your score into the dirt.. First, with a 520 credit score, it's obvious you have some derogatory accounts. and 2nd, the lower the credit score, the larger the impact of a new inquiry. the good news is that inquiries drop off after 120 days.. But you still have a very low credit score.. So the question is why? Why is your score so low? Charge off's? Judgement? Collections? Unpaid Student loans? You could have a 750 credit score, yet with one of these credit deficiencies, you still might be denied.. The only real way to know for sure is to get with a local mortgage professional, let them look at your credit and let them advise you which steps are necessary to correct and repair so you can qualify in the future.. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / MKS Lending LLC DBA Trusted Lending Center, NMLS 1018196 / AZMB 1414920

Jul 23rd 2019
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Dave Skow (daveskow)
#16 ranked lender in Washington - 262 contributions

the 520 score is very low ...need to get the middle score of the three bureaus up closer to 600 to have a chance for a loan/ mortgage ....stop with all the inquiries and try to keep the balances on any credit cards below 50% of their respective maximum limits ...get ahold of a recent report and see what might be causing the low score

Jul 24th 2019
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