Posted on: 26th Jun, 2012 05:09pm
Nearly one-tenth of your credit score depends upon the number
of inquiries that are made for your credit report. Each time a copy
of your credit report is requested, a credit inquiry is registered in
your credit report.
If you review your credit report carefully, you will find that
several inquiries made by the lenders appear on the report. Not
all those inquiries, affect your credit score negatively. Only those
hard or voluntary inquiries generated in your credit report in case
you apply for loans, hurt your credit score negatively. Lenders
may ask for your credit score, because they may be willing to
offer you goods and services. All the inquiries within a period of
14 days will be considered as a single entry.
of inquiries that are made for your credit report. Each time a copy
of your credit report is requested, a credit inquiry is registered in
your credit report.
If you review your credit report carefully, you will find that
several inquiries made by the lenders appear on the report. Not
all those inquiries, affect your credit score negatively. Only those
hard or voluntary inquiries generated in your credit report in case
you apply for loans, hurt your credit score negatively. Lenders
may ask for your credit score, because they may be willing to
offer you goods and services. All the inquiries within a period of
14 days will be considered as a single entry.
I am the first time buyer with a credit score of 786.
When I apply for downpayment assistance program and shop for mortage, most participating lenders want to pull my creidt.
Question:
1.Won't that lower my credit score every time they pull my credit?
2. Could I use credit report using for quoting?
When I apply for downpayment assistance program and shop for mortage, most participating lenders want to pull my creidt.
Question:
1.Won't that lower my credit score every time they pull my credit?
2. Could I use credit report using for quoting?
A loan officer should be able to quote you off a credit report you provide to the loan officer, or you can give him a verbal idea of your credit score and also your debts. There are things other than the credit score found in your credit that could make or break the deal. Each time you run your credit will create an inquiry. Too many recent inquiries will lower your credit score. You would need atleat a 620 for conventional and 640 for FHA with most lenders, depending on the type of home and amount you put down...Good luck
Hi nikki,
When a lender pulls your credit in order to check your scores for giving you a loan, it is known as a hard inquiry. Any hard inquiry will have a negative impact on your scores. However, a certain number of credit pulls within a given period of time will be considered as one single entry and may lower your scores only once.
When a lender pulls your credit in order to check your scores for giving you a loan, it is known as a hard inquiry. Any hard inquiry will have a negative impact on your scores. However, a certain number of credit pulls within a given period of time will be considered as one single entry and may lower your scores only once.
Thank for Chris and Adonis.Your reply are really helpful.
Hi Chris
I just got a credit score and report from transUnion.Do I need other credit score /reports from other two credit union to show them to lenders?
Hi Adonis,
How long is the giving period?
Hi Chris
I just got a credit score and report from transUnion.Do I need other credit score /reports from other two credit union to show them to lenders?
Hi Adonis,
How long is the giving period?
Hi nikki,
As far as I know, the number of hard inquiries with the time period of 14 days will be considered as a single entry.
As far as I know, the number of hard inquiries with the time period of 14 days will be considered as a single entry.
Thanks a lot, adonis.
Do I need to meet them face to face when shoping for mortgage? Some participating lenders said it is better to meet with them so they can explain something about 1-2 hours.
Do I need to meet them face to face when shoping for mortgage? Some participating lenders said it is better to meet with them so they can explain something about 1-2 hours.
Hi nikki!
Welcome to forums!
It is not mandatory for you to meet the lenders in person in order to shop around for mortgage. You can even check out online mortgage quotes to know the rates and terms you may qualify for.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
It is not mandatory for you to meet the lenders in person in order to shop around for mortgage. You can even check out online mortgage quotes to know the rates and terms you may qualify for.
Feel free to ask if you've further queries.
Sussane
Thanks sussane.
You got a credit report from Transunion?
That makes it sound like you got it yourself and you did not get it from a mortgage person/company.
That is a CONSUMER credit report.
It is not a MORTGAGE credit report.
They are different reports.
Your credit score is high, so, even if it is a consumer report, it can be used for a mortgage discussion.
At some point you need a mortgage person to get a MORTGAGE credit report with all three credir bureaus and scores.
That makes it sound like you got it yourself and you did not get it from a mortgage person/company.
That is a CONSUMER credit report.
It is not a MORTGAGE credit report.
They are different reports.
Your credit score is high, so, even if it is a consumer report, it can be used for a mortgage discussion.
At some point you need a mortgage person to get a MORTGAGE credit report with all three credir bureaus and scores.
Hi Nikki,
You can get the credit reports from other credit bureaus too. But, you do not need to show them to your lender. If required, your lender your get the report from the credit bureaus on their own.
You can get the credit reports from other credit bureaus too. But, you do not need to show them to your lender. If required, your lender your get the report from the credit bureaus on their own.
You can find some lenders located in your area and find the quotes. Trough online search, you can also get different quotes.
Hi Nikki! Yes, it would lower your credit score because it is considered as a hard inquiry but they need to do conduct a credit report check. What you can do to minimize the effect on your credit score is to apply within a certain period of time so that the pulls are considered as one. Regarding using your credit report for quoting, yes, you absolutely can.