If I am checking into lower payments for my house, is my credit score being affected?

Question

My husband says his credit score goes down in there are inquiries on his credit

Answer 1

That can be true if you are having it pulled by mulitple banks.

Consider the benefit of reducing your rate on your mortgage loan and it does not hurt as bad.

Answer 2

Yes, this is true. Multiple inquiries affect your credit score. But not too adversly. I know that when you purchase a home you are allowed so many inquiries in an amount of time and they count them all as one. However, I am unsure if this rule applies to refinancing your home loan. I almost bet it does though. The only thing that will truly impact your score is looking a lot and then not getting anything done.

Answer 3

Yeah recent inquiries can lower your credit score in the short term because creditors see a borrower as potentially more risky if they are applying for new credit. And by looking into refinancing, you are essentially applying for new credit.

But your score shouldn't be affected much if the inquiries are in the same field in a relatively short amount of time. e.g. If you are only applying for credit with lenders it shouldn't have a huge effect.

If you apply for a mortgage, two new credit cards, an auto loan all at once, your score will be shaken.


Learn more at http://www.thetruthaboutcreditcards.com
Learn more at http://www.thetruthaboutmortgage.com

Answer 4

Your credit is used by using economic institutions to be sure how creditworthy you're and what fee to fee you. the better the score the beter the fees and different incentives. A credit is suffering out of your reimbursement background, length of time at a job, in spite of in case you very own or hire to call some. it particularly is not used for faculty or a job. it particularly is going to be sure what kind of loan you may qualify for and what kind of credit you're entitled to. Your credit is rather important to you so i urge you to make all money on time and attempt to pay off your credit enjoying cards to verify you're actually not purely paying the min.. Your credit will circulate down if any of the above components substitute or in case you initiate residing on your credit enjoying cards or lines of credit. With a extreme credit, you would be presented credit on an ongoing foundation. in simple terms keep in mind, pay your costs, stay less costly and do a credit examine as quickly as a year to verify somebody else has no longer accessed your info. and is applying your credit. you may circulate to the corporation that does the credit exams to pay a small fee with a view to convey at the same time this info.. Equifax is a properly often happening corporation that does this for an occasion.

Answer 5

As long as you are applying for a mortgage ..it will not be effect your score after the first inquiry (all must be done within 14 days).
But if you are using a Mortgage Broker etc..they might pull a generic bureau, which will not indicate you are applying for a mortgage and will effect your score