2007-03-23 10:47:01 · 6 answers · asked by koolluke1234 1 in Business & Finance ➔ Credit
an inquiry in and of itself will not lower your rating...but when a creditor looks at your credit report and sees a bunch of inquiries it appears that you applied and were turn down alot and had to keep applying somewhere else....
2007-03-23 10:56:20 · answer #1 · answered by susuze2000 5 · 0⤊ 0⤋
Generally when you inquire about a loan, banks understand that you are going to shop for the best rate, especially If it is a home loan. Car loans through banks tend to be the same way. When you talk to a loan officer, they will understand that your credit score has been hit due to recent applications and inquiries. What banks don't like, is when you have been approved for multiple lines of credit making it possible for you to buy multiple items. This is especially true with credit cards. So make sure that you are not opening a loan or a line of credit on a credit card everytime you inquire about a specific loan.
2007-03-23 10:59:14 · answer #2 · answered by Franky 1 · 0⤊ 0⤋
I believe from what I have read that is If you are shopping around for the same type of loan for the best rates the FICO formula takes that into account and the inquiries don't hurt your credit score as bad as if you were trying to over extend yourself (according to potential new lenders) applying for multiple different lines of credit.
2007-03-23 11:19:11 · answer #3 · answered by This is Fun 2 · 0⤊ 0⤋
Being in the mortgage business, I have heared a lot of myths aboiut the scoring system. I have seen the same person with different scores through my office and my lender, It just seems to have a mind of its own. The best thing is to order your credit report free of charge form one of the bureaus and evaluate your sutuation. Then make up your mind and approach the right financial insuitution.
Email me if you have any more questions.
2007-03-23 11:44:29 · answer #4 · answered by guy2598us 2 · 0⤊ 0⤋
You can shop for mortgage loans with No credit check an no SSN required. Your credit report does not need to be pulled over and over...
2007-03-23 15:26:18 · answer #5 · answered by Anonymous · 0⤊ 0⤋
tell the person,,you want a quote,,that's how i did it--when you have finished your research,,then call them back,,and talk business,,inquirys do appear on credit report--it also depends on what type of business your dealing with--insurance company's are the worst--next time pik-up the phone "remember you want a quote"do not give SS#
2007-03-23 11:27:24 · answer #6 · answered by dolly d 2 · 0⤊ 0⤋