They pull it up every time and I'm worrying about that. Should I just tell them not to pull it up and tell them what my credit score is?
2007-06-14 05:41:31 · 6 answers · asked by af 1 in Business & Finance ➔ Credit
I have dealt with mortgage credit for a lot of years now. The answer is yes and no. When shopping for a mortgage you have a guaranteed grace period of 14 days to shop for your mortgage. In this 14 day grace period you can have your credit pulled by as many mortgage lenders as you want and even though they will all show up on your credit, it will only count as 1 inquiry against your credit for credit scoring purposes.
With that said the 14 day grace period has become somewhat outdated. Most mortgage transactions take longer than 14 days to close and now most of the credit agencies and scoring models provide you with a 30 day grace period to shop around with mortgage companies so that it only counts as 1 inquiry against your credit. Now, not as common but the new credit scoring models are even still realizing that 30 days are not enough in a lot of instances, like someone purchasing a home, and they are changing it to 45 days in their scoring models. As of right now all of the credit agencies give you a guaranteed 14 day window, most even have a 30 day window and some will provide you with a 45 day window. To be safe shop around for a mortgage loan quickly and settle on a company to work with quickly.
Please read the credit scoring and credit tips blog below for more information on credit.
2007-06-14 06:26:13 · answer #1 · answered by dzwreck 4 · 0⤊ 0⤋
It does not hurt your rating. Mortgages are an exception to the usual rule because you can only have one first mortgage at a time. This is unlike credit card inquiries where you might actually get multiple credit cards and end up deep in debt and out of control.
2007-06-14 05:48:03 · answer #2 · answered by Ted 7 · 0⤊ 0⤋
It doesn't hurt for a mortgage. But if you are shopping for a car. YES big time.
2007-06-14 06:11:54 · answer #3 · answered by Diva 1 · 0⤊ 0⤋
The real answer is yes and it doesnt matter if it is a mtg. loan request. BUT you have a 14 day grace period for inquiriers for just this reason...rate shopping. IF you do your shopping in this time window its like it was only one request. This applies for not just mtg loans but most consumer loans INCLUDING car loans.
2007-06-14 06:20:03 · answer #4 · answered by Anonymous · 0⤊ 0⤋
it does not hurt it.
2007-06-14 05:44:27 · answer #5 · answered by Anonymous · 0⤊ 0⤋
yes...
2007-06-14 06:51:38 · answer #6 · answered by shorty21 5 · 0⤊ 0⤋