If I were to apply for pre-approval for a mortgage twice in the same week would it count as two credit inquiries on my credit report or just one? For example- I expect to buy a home priced at about $70K so I apply for pre-approval and am accepted. 3 days later I find a home that is $75K, like it much better than anything at $70K, and know that I can afford it if I cut out the daily cappuccino. When I apply for approval for 75K does it count as a new inquiry on my credit report, potentially lowering my score, or is it overlooked due to the same inquiry within a week from the same bank?
2007-03-02 10:25:39 · 7 answers · asked by Will S 1 in Business & Finance ➔ Renting & Real Estate
Prices used in the example are meant to reflect offer prices....
2007-03-02 10:31:58 · update #1
I can't see why a bank would draw a second report if I was meeting directly with a loan specialist. My question is geared more toward applying online. Do you suspect that they draw a report each time? This doesn't make much sense to me....if you apply at 5 banks for a mortgage to compare rates that is 5 inquiries which won't come off your reports for 2 years= bad,bad,bad
2007-03-02 10:34:49 · update #2
Things have changed, and continue to change - that's why you're getting different answers. It used to be that you'd simply get one credit inquiry ding every time your credit was checked. That was changed so that you'd only have one inquiry reflected for all inquiries made within a 14-day period - someone finally realized that people typically shop for credit and shouldn't be penalized for it.
Right now, if you have a broker run your credit, he can use the same credit report to apply for you at different banks. But the banks are lobbying to require that a separate credit check be run for each application. Presumably, it's to make business much more expensive for the broker so that people are more likely to apply directly to the bank. We'll have to see how the latest twist in this lobbying effort turns out.
2007-03-02 10:54:21 · answer #1 · answered by Marko 6 · 0⤊ 0⤋
it should count as 1 inquiry because all inquiries within a 14-day window period counts as 1 inquiry. this allows for people to shop around for the best mortgage.
2007-03-02 10:35:44 · answer #2 · answered by thefedd 1 · 0⤊ 0⤋
Each inquiry is counted as a separate one. If you had 18 in one day 18 would be counted.
2007-03-02 10:30:55 · answer #3 · answered by tain 3 · 0⤊ 0⤋
You may want to try negociating the 75k house down to 70k..
2007-03-02 10:29:37 · answer #4 · answered by Mike 3 · 0⤊ 0⤋
I can't imagine why they would even pull another report, unless you went to another lender, which would have been nuts.
If you applied at the same lender, they have no reason to pull another report.
2007-03-02 10:31:04 · answer #5 · answered by Anonymous · 0⤊ 0⤋
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2016-12-05 04:08:43 · answer #6 · answered by ? 4 · 0⤊ 0⤋
it will show up as 2 inquires
2007-03-02 10:28:35 · answer #7 · answered by Shelly t 6 · 0⤊ 0⤋