I have heard your credit score drops 200 points, is that true?

We are in the process of a getting a mortgage. The processor needs a credit inquiry letter for 3 recent credit inquiries. The one is from a credit card company.

The problem is, we have’t applied for a credit card recently. So we don’t know why this credit inquiry is on our report or how to explain it. We haven’t acquired any new debt.

How do we explain this on a credit inquiry letter?

My husband and I make about $70k a year, credit scores are 562 & 542, we are looking at a house listed for $80k with no down payment, can we qualify for an FHA mortgage?
I don’t really need a lecture on repairing credit, we are already in process of paying off all of our bad debt and an $80k mortgage would be CHEAPER than what we are paying in rent.

I would appreciate simple definitions/explanations for each. I have read the Wiki articles, but I am still a bit confused. I understand that in subprime mortgages the borrowers do not have a strong credit histories. However, I do not understand what exactly subprime mortgage bonds are, or why people used to buy so many of them.

My husband and i both have poor credit and we want to own our own home are credit is poor bc he was in a car accident and lost his job for a year and the medical and credit card bills went un paid due to this .but he has been working for over 3 years steady and now were paying down the debit .We would like to know if anyone knows of a anywhere that does bad credit mortgages .Were looking to buy a house in Spring Hill Florida .

My partner has bad credit history, from about 5 years ago.
We want to buy a flat together, will this stop us getting a mortgage? we need each others income.

Please someone tell us!

Will the banks AND the broker both bring up a credit report? If you were dealing with several banks offers over a period of 3 months, wouldn’t that be extra inquiries on your report that could hurt you score?

Hi, I heard, the mortgage interest for your second property doen’t get any tax credit at all?

My situation is this; during the early Nevada boom, I’ve purchased a small condo over there. The mortagage payments for it has saved me quite some taxes for the past two years. Now, I’m considering purchasing a condo in the South Bay area (I’m a California resident) for myself to reside in; if i were to purchase my second property in california, for which I’ll personally reside in, will it’s interest payments be tax deductible?

Thanks
Oh, my Vegas house is being used as a rental property now.

I have been pre-approved for a home loan. I have not found a house yet. I want to consolidate my credit card and personal loans into one loan. I didn’t want to exonerate my home loan approval.

I am looking to get atleast 3% cash back OR airline miles. I don’t mind paying an annual fee if the rewards are good.
I have a third party website that will accept credit cards and pay my mortgage company.
@Smiling: True. Which is why I asked if there was a credit card that offered good rewards. I am willing to pay the 3% fee in order to get reward points.