Minimizing INQs

[cdninnyc]

Hi

 

Found a property and need to make an offer. Waited until now to get pre-approval because after reading this board for 6 years I have a sever allergy to INQs.

 

I understand that FICO scoring groups together mortgage inquiries within XX days (30? can't remember). I also know that all three bureaus are generally pulled. How can I avoid having multiple INQs pulled on each bureau? Should I work with one broker? If so, does that broker pull the reports and farm them out? Or should I just pick one reputable bank?

 

I got burned a few years ago by a car dealership. They pulled my credit and it got run by a dozen lenders and killed me.

 

Thanks

[Brian B The Loan Professor]

If you want to shop have one that you prefer pull - take the scores around and get estimates based on the scores without allowing a pull - if the first is in line stick with them and get the loan done if not then start over somewhere else - each bank/broker will do a pull if you want a serious estimate - make sure when you compare it is the exact same scenario and on the same date - rates change and agent A may offer you a rate on Monday and by wednesday rates are better at Agent B and now Agent A's rate looks bad - well yeah - but if you ask what the rate is for Wed, it will likely be better just like everyone elses.

 

Good Luck

B

[Rebuilding2010]

I should have read this first. If I know my credit scores I wonder if they'll give me 'estimates'. I tried that with an auto dealership and the suckers still ran my credit without my approval.