Does it hurt my credit rating to get mortgage approval from different places?

Question

If I go to different banks etc. to apply for a first mortgage will it hurt my credit?

Answer 1

Supposedly, all mortgage inquiries within a short time period (15 days?) are treated as one pull. That's according to the bureaus.

I've seen that directly not being the case though, so it's hard to know for sure.

Ideally, you get your scores from the first person to pull your credit, and make the other brokers give you a quote based on those scores. Whoever you pick will need their own report eventually, but it can help minimize how many credit pulls you got.

Ultimately, it's likely that all your reports are within 10 points of each other. Unless you were borderline to begin with, it shouldn't have any impact.

Answer 2

With present day stricter credit standards, i think of there's a sturdy probability your credit will influence getting the non-public loan. a minimum of, you will finally end up paying bigger activity or greater factors or asked to place additional money down. i think of that is sturdy to get pre-approval from some own loan co. this suggests they'll run your utility by in the past you decide on for a sources and spot what you will qualify for. in the adventure that your credit proves to be a topic, then your boyfriend will could attempt to qualify on his own.

Answer 3

Usually if you have your credit pulled a few times within 30 days I've heard that its not supposed to effect your credit score.

Answer 4

Yes, But probably not enough to make a real difference. I have heard people say that it can effect your score a couple of pts each time its pulled. So even if you get 5 pulls, your only talking 10pts which most likely wouldnt be enough to change your results.

Answer 5

It will not hurt your scores as long as they are all inquiries of the same type in a 30 day period. This was implemented a few years ago, after consumers complained.

Answer 6

all direct pulls froma merchant hurts your score some