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Jessee
LIF Adult
Member since 3/06 1260 total posts
Name:
Jessee
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Running credit
If we're shopping around for a mortgage, should we be concerned about getting our credit run too much? One broker told us it's the time frame - if we have in run a few times in a week, in won't matter. Does that sound right? TIA
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Posted 7/10/06 12:16 PM  |
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riniko
LIF Toddler
Member since 3/06 486 total posts
Name:
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Re: Running credit
Yes, I heard that multiple requests is bad however if it is within a 2 week period it just counts as one inquiry. Multiple inquiries can result in your FICO score being lowered.
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| Posted 7/10/06 12:34 PM |
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DeLeNi
LIF Zygote
Member since 4/06 15 total posts
Name:
Christina
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Re: Running credit
You should try to have your credit run as little as possible. If it's run too often t will affect your scores and send a red flag.
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| Posted 7/10/06 12:51 PM |
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kaklesmay
Love my baby boy!
Member since 9/05 1151 total posts
Name:
Kim
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Re: Running credit
Its called "mortgage shopping" any mortgage companies or banks that run it in a 30 day period count as 1 inquiry
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| Posted 7/10/06 1:09 PM |
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Jessee
LIF Adult
Member since 3/06 1260 total posts
Name:
Jessee
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Re: Running credit
Thank you - I just wanted to make sure she wasn't feeding me a line!
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| Posted 7/10/06 1:55 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Running credit
Posted by kaklesmay
Its called "mortgage shopping" any mortgage companies or banks that run it in a 30 day period count as 1 inquiry
this is true
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| Posted 7/10/06 3:04 PM |
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MrsSchwags
Soccer Baseball Lax Mom
Member since 10/05 11240 total posts
Name:
Jennifer
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Re: Running credit
this killed our score. we went to 3 different banks/brokers and it lowered our score significantly. next time we will def be more careful about who we use the first time
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| Posted 7/10/06 3:20 PM |
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Jessee
LIF Adult
Member since 3/06 1260 total posts
Name:
Jessee
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Re: Running credit
Posted by MrsSchwags
this killed our score. we went to 3 different banks/brokers and it lowered our score significantly. next time we will def be more careful about who we use the first time
Really? Was it in a 30 day period or spread out?
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| Posted 7/10/06 3:24 PM |
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MrsSchwags
Soccer Baseball Lax Mom
Member since 10/05 11240 total posts
Name:
Jennifer
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Re: Running credit
it was within a few weeks. not even a month.
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| Posted 7/10/06 4:09 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Running credit
Posted by Jessee
Posted by MrsSchwags
this killed our score. we went to 3 different banks/brokers and it lowered our score significantly. next time we will def be more careful about who we use the first time
Really? Was it in a 30 day period or spread out?
I would dispute that- b/c it shouldn't
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| Posted 7/10/06 4:19 PM |
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MrsSchwags
Soccer Baseball Lax Mom
Member since 10/05 11240 total posts
Name:
Jennifer
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Re: Running credit
well we wound up going with a good family friend who is a mortgage broker and she didn't say anything except that was normal.
i mean we already did the paperwork and closed and stuff now but i guess we know for next time. besides we will most likely be refinancing in 2-3 yrs.
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| Posted 7/10/06 4:38 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Running credit
my DH is a mortgage broker and he said that it should all count as one- it should not lower your credit score more then a few pts
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| Posted 7/10/06 4:40 PM |
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riniko
LIF Toddler
Member since 3/06 486 total posts
Name:
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Re: Running credit
According to myfico.com
It can be from 14 days to 45 days dependent upon which scoring formula the mortgage company uses...
What to know about "rate shopping." Looking for a mortgage or an auto loan may cause multiple lenders to request your credit report, even though youre only looking for one loan. To compensate for this, the score ignores all mortgage and auto inquiries made in the 30 days prior to scoring. So if you find a loan within 30 days, the inquiries won't affect your score while you're rate shopping. In addition, the score looks on your credit report for auto or mortgage inquiries older than 30 days. If it finds some, it counts all those inquiries that fall in a typical shopping period as just one inquiry when determining your score. For FICO scores calculated from older versions of the scoring formula, this shopping period is any 14 day span. For FICO scores calculated from the newest versions of the scoring formula, this shopping period is any 45 day span. Each lender chooses which version of the FICO scoring formula it wants the credit reporting agency to use to calculate your FICO score.
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| Posted 7/10/06 9:19 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Running credit
Posted by Beth1210
Posted by kaklesmay
Its called "mortgage shopping" any mortgage companies or banks that run it in a 30 day period count as 1 inquiry
this is true
yep!
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| Posted 7/10/06 9:37 PM |
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