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     | Friday, February 09, 2001 - 05:51 am  Two days ago I tried to refinance my 2nd mortgage for a better rate and to pull money out to do a pool. Well, I was informed that I was 2 points short (DUH!!!) and my Experian credit report. So, I pulled the report from Experians Website and I see I have some incorrect marks against me. Several years ago I received a Student Loan from Citibank. Before it was paid off I went back to school and they again approved additional funds for school. Really what I had where 4 accounts with them (two each time I went to school) and they aggregated the payments into one monthly payment. So, in '97 my father died and in Dec. '97 and Jan. '98 I had to be at his estate to administor it and to make sure all ends where covered (no will and everything went into Probate) so we could finalize it. I contacted all creditors and informed them to send my bills to this address for those months. Well, Citibank didn't and they dinged my credit for a late on 12/97. But what's even worse is that single late is listed as four seperate lates on four different accounts! The refinace company said I could still get the loan but instead of the 9.98% rate it would be 11.08% (my currect 2nd is at 10.5%). So, should I contact Experian (and if so by certified mail or phone?) or should I contact Citibank (again - mail or phone?) to have this corrected. Don't know if it matters, but I made a final payment to Citibank in 3/99 for over $5,000 to payoff the student loans in full. Oh - and one last thing. If the finace company runs my credit again will the inquire lower my FICO scores? Or will the two inquiries be counted as one being so close to each other.They ran it on 2/5/01. Thanks a ton! This is a wonderful site filled with very knowledgeable people 
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| | Friday, February 09, 2001 - 07:11 am The easiest start would be to contact Experian (call them) and dispute the items. But based on what info you've provided, I'd be willing to be that they'll verify the info, even though it was really ONE late, once they get a "Yup, she was late", they tend to ignore the important issues, like it was ONE account, not four. I would *probably* contact Citibank and see what they had to say. If they agree, they -can- update your history @ Experian, IF they choose to get off their butts and do it. Because it's all paid off and they have nothing to gain by helping you, it may be a hassle. Again, my opinion - dispute it with Experian AND contact Citibank. I'd probably contact Citibank first, get a name and phone number of someone there who Experian could contact, and then dispute it with Experian. If the finance company pulls your credit again, you will be hit with another inquiry, unless the finance company is considered (by Experian, in their computer systems) as a mortgage lender. I can't remember the exact figure, but if you have any inquiries within a certain number of weeks, and all the creditors are mortgage lenders/brokers, they only count as a single hit when score is determine.
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| | Friday, February 09, 2001 - 04:35 pm I would simply apply again at the end of the month. Two inquiries within 30 days for a mortgage will count as just one inquiry. It is likely that another month's worth of information will be added. This will make your delinquency further in the past and with your information as updated as possible you're likely to pick up two points.
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| | Wednesday, February 14, 2001 - 07:24 pm Two inquiries within 30 days for a mortgage will count as just one inquiry. UNLESS the calculations for inquiry buffers CHANGED since I last updated with Fair Isaac, this is ONLY true until 30 days from 2/5/01. The gruesome details (reviewed and pronounced accurate by Fair Isaac 4/2000) are at http://www.bayhouse.com/discus/messages/123/559.html?958556335
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| | Saturday, February 17, 2001 - 07:33 am Right, so he gets his credit re-pulled on February 25, let's say, he would still be within the 30 day window and his score would be likely to be higher. I hope that he tries it, because I'm interested in knowing how many points would be gained by this route.
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| | Saturday, February 17, 2001 - 07:48 am And if he decides to apply elsewhere on March 10, he'll have ** 3 ** inquiries in the previous month. Just want to be sure people understand that.
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| | Wednesday, February 21, 2001 - 09:45 am OK - I think I'll try applying again towards the end of the month - thanks Shylock. Also - thank you Christine for making it clear how the inquiries would not be grouped together after 30 days. One more question about that though. Say I applied on 2-5 then again one 3-1 (same company) but my FICO score was now just 1 point short of getting the loan. If I applied again (with the same company) on 3-30, would FICO group the two inquiries (3-1 and 3-30) together as 1 inquiry because they are within 30 days of each other and see only two inquiries? I hope I made sense Thanks again!
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| | Wednesday, February 21, 2001 - 10:39 am I *think* Shylock's theory is to pull it again at the end of February rather than on March 1st. Something to do with the FicoIsFraud article here and scores possibly going down on the first. Please correct me if I'm misunderstanding the theory. As for the inquiries I think you have the right understanding. FICO is supposed to ignore all mortgage inquiries from the previous 30 days. So after March 7th (if that is 30 days, I hate math) it would see that inquiry from February 5th. Good luck and let us know how it goes.
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