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Old Aug 13, 2010 | 7:38 am
  #10  
chemist661
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Join Date: May 2001
Location: Southern California
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Originally Posted by Middle_Seat
I applied for a mortgage last week, with all FICOs 760+. A couple of days ago the mortgage broker asked for a written explanation for why so many credit inquiries in the last 90 days...that would be credit card applications and asking 4 mortgage brokers for rate quotes.

I don't yet have a firm commitment that the mortgage will be approved.

My takehome is: No matter how many bonus miles and points you will miss, and no matter how good your credit score is, don't apply for credit cards within 90 days before applying for a mortgage
Having to explain credit inquiries getting mortgages are quite normal. I had to do my share of explaining getting mortgage loans. It is worse on rental properties that I'd got loans on. Underwriting may ask to explain "obvious" stuff that seems to not be needed to the average person. Just explain away even if it seems obvious, stupid, redundant, etc. Normal protocol for mortgages, even more so in this credit crisis.

Best of success in getting the loan.
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