2007-08-06 16:42:24 · 7 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Yes. However we're not talking about a major hit here, it's just a few points.
Multiple applications for the same type of credit product (mortgage, car loan, etc.) over a short period of time (usually 30 days) are treated as a single inquiry so don't be afraid to shop around! Any lender who tells you otherwise has an ulterior motive!
2007-08-06 17:05:31 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
Bostonian is correct. Definately shop for your mortgage as multiple inquiries within the same credit type will not negatively impact your credit scores. Shopping for a mortgage is tiresome, but necessary. If you are working with a loan officer who doesn't seem to know what he/she is talking about or a loan officer that seems to utilize sales tactics steer clear. There are good people out there.
2007-08-07 00:41:52 · answer #2 · answered by Joseph C 1 · 0⤊ 0⤋
Just by a couple of points and these inquiries do drop off after a while. Like has been said above make sure if you're shopping for a loan that you get multiple quotes from different lenders at the same time so that it only counts as one inquiry.
2007-08-07 20:05:07 · answer #3 · answered by matzael 3 · 0⤊ 0⤋
Yes, it is one of the factors used in determining your credit score. They are called inquiries. If you have too many inquiries, creditors see it as you are asking/trying to get too much credit at once. Usually when you apply for loans they tell you not to apply anywhere else because it hurts your credit score.
2007-08-06 23:55:05 · answer #4 · answered by davabombshell 2 · 0⤊ 1⤋
yes, around 7 points
2007-08-06 23:46:12 · answer #5 · answered by Debbie 4 · 0⤊ 0⤋
Yes if you pay them off on time.
Try a (rent to own) this will also help your credit score.
2007-08-06 23:46:02 · answer #6 · answered by Anonymous · 0⤊ 2⤋
yes
2007-08-06 23:45:42 · answer #7 · answered by sullie812 2 · 0⤊ 0⤋