Since your credit score goes down every time somebody sees it. Is there a fixed period of time that can allow me to compare differents lenders when shopping for a mortgage loan without affecting my credit score?
2006-08-06 15:48:48 · 4 answers · asked by Mike G 1 in Business & Finance ➔ Credit
actually, credit inquiries are only grouped together in 14 day application periods, meaning you only have 2 weeks to apply at multiple lenders and have it count as 1 inquiry on your credit report.
if you spread applications to multiple lenders over 30 days, it will count as 2 inquiries.
2006-08-06 19:34:10 · answer #1 · answered by tanmei 3 · 1⤊ 0⤋
You generally have 30 days with Auto and Home Mortgage companies to record several inquiries. The inquiries will be grouped into one even if you get pre-approval by 3-5 banks or so.
It never used to be that way. Lenders used to see several inquiries as a flag that you are in desperate need for credit. Then in the late 1990's Fair Issac (the company who's algorithms determines FICO scores) decided to group the home and auto loan inquiries into one within a 30 day period.
Good luck and I hope that helps.
2006-08-06 16:40:04 · answer #2 · answered by Jesse 4 · 0⤊ 0⤋
Are you in the UK - credit score does not change, whether 1 or 100 lenders see it.
2006-08-07 05:26:57 · answer #3 · answered by MSMORTGAGE 3 · 0⤊ 0⤋
Generally you have 2 weeks, but every inquiry shows up no matter what.
There is no way to hide whenever someone pulls your credit.
2006-08-07 10:13:32 · answer #4 · answered by DAVID K 2 · 0⤊ 0⤋