Will shopping for mortgage hurt credit score

[GetCredit]

I'm a first time home buyer and just beginning the process. I found a house that I'm interested in and already met with one loan officer and have been pre-approved based on my middle score of 672. I just haven't made an offer yet. I know I should shop around for a mortgage but I'm afraid that if multiple mortgage companies check my credit report that my scores will drop and then become too low to actually be approved. Has this ever happened to anyone?

[deziner73]

I'm a first time home buyer and just beginning the process. I found a house that I'm interested in and already met with one loan officer and have been pre-approved based on my middle score of 672. I just haven't made an offer yet. I know I should shop around for a mortgage but I'm afraid that if multiple mortgage companies check my credit report that my scores will drop and then become too low to actually be approved. Has this ever happened to anyone?

 

I believe as long as all the inquiries are pulled within a 14 day period, they count as 1 and shouldn't impact your score very much, if at all. It might drop a little, but only as 1 inquiry.

[luckydriver]

i've been told that same thing by people on this board and other brokers

[GetCredit]

Thank you, both, very much for answering. I didn't know there was such a short time frame on this. Good to know.

[SpaghettiBender]

I mortgage shopped too. I pulled my fico and the scores went down.

I also posted as to why since it's only supposed to be counted as one pull.

Answers are in this post:

http://creditboards.com/forums/index.php?showtopic=359616

So, don't count on it being just one pull as far as FICO goes.