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Shopping for a mortgage

The last post in this topic was posted 5277 days ago. 

 

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OK, so I already have an approval, but I would like to shop around.

 

Although I asked the bank which approved me to let me know first, they pulled my scores today without telling me.

 

Do I need to get on the phone today and get others to pull so that it will not affect my scores?

 

Do I have more time than a day? Do I have a couple of days? If so how many? How many pulls before it affects my score?

 

I did a search but cannot find this information, even if I have seen it here before.

 

I called the CRA's but can't get a human.

 

Thanks in advance for the information.

 

Posting in the mortage and the credit forum as this is information I need ASAP.

 

Nikki

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OK, so I already have an approval, but I would like to shop around.

 

Although I asked the bank which approved me to let me know first, they pulled my scores today without telling me.

 

Do I need to get on the phone today and get others to pull so that it will not affect my scores?

 

Do I have more time than a day? Do I have a couple of days? If so how many? How many pulls before it affects my score?

 

I did a search but cannot find this information, even if I have seen it here before.

 

I called the CRA's but can't get a human.

 

Thanks in advance for the information.

 

Posting in the mortage and the credit forum as this is information I need ASAP.

 

Nikki

 

I was told by my loan officer that it was 45 days ... as long as they are of the same type of inquiry (mortgage) that it would count as 1 inq.

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OK, so I already have an approval, but I would like to shop around.

 

Although I asked the bank which approved me to let me know first, they pulled my scores today without telling me.

 

Do I need to get on the phone today and get others to pull so that it will not affect my scores?

 

Do I have more time than a day? Do I have a couple of days? If so how many? How many pulls before it affects my score?

 

I did a search but cannot find this information, even if I have seen it here before.

 

I called the CRA's but can't get a human.

 

Thanks in advance for the information.

 

Posting in the mortage and the credit forum as this is information I need ASAP.

 

Nikki

 

I was told by my loan officer that it was 45 days ... as long as they are of the same type of inquiry (mortgage) that it would count as 1 inq.

 

 

Ditto...........................

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OK, so I already have an approval, but I would like to shop around.

 

Although I asked the bank which approved me to let me know first, they pulled my scores today without telling me.

 

Do I need to get on the phone today and get others to pull so that it will not affect my scores?

 

Do I have more time than a day? Do I have a couple of days? If so how many? How many pulls before it affects my score?

 

I did a search but cannot find this information, even if I have seen it here before.

 

I called the CRA's but can't get a human.

 

Thanks in advance for the information.

 

Posting in the mortage and the credit forum as this is information I need ASAP.

 

Nikki

 

I was told by my loan officer that it was 45 days ... as long as they are of the same type of inquiry (mortgage) that it would count as 1 inq.

 

I've been told 2 weeks.

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believe all the broker crap you want each one counts against you period as far as fico , as far as lenders good luck begging them not to count them seperate ..... I will not argue this

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Will is 100% correct. I am in that process right now and have just lost 15 pts on EQ due to having 20 inquiries in the last 24 months. Most (15) are within the last month and a half, they are all pulls that have originated thru my broker to various places.

 

Today, when I called Country Wide the rep commented on all the inquiries. I have to send a letter stating that they were in connection with my refi.

 

It's a load of crap.

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Will is 100% correct. I am in that process right now and have just lost 15 pts on EQ due to having 20 inquiries in the last 24 months. Most (15) are within the last month and a half, they are all pulls that have originated thru my broker to various places.

 

Today, when I called Country Wide the rep commented on all the inquiries. I have to send a letter stating that they were in connection with my refi.

 

It's a load of crap.

 

20 credit card inquiries would count more than 15 pts...trust me. More like 50

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believe all the broker crap you want each one counts against you period as far as fico , as far as lenders good luck begging them not to count them seperate ..... I will not argue this

 

Here is what FairIsaac says about it --- score wise at least:

 

 

"Looking for a mortgage or an auto loan may cause multiple lenders to request your credit report, even though you're only looking for one loan. To compensate for this, the FICO score counts multiple auto or mortgage inquiries in any 14-day period as just one inquiry. To ensure multiple inquiries do not adversely affect your credit score while you're shopping for a loan, make them within 14 days.

 

In addition, the FICO score ignores all mortgage and auto inquiries made in the 30 days prior to scoring. If you find a loan within 30 days, the inquiries won't affect your score while you're shopping for credit."

 

http://www.fairisaac.com/Fairisaac/News/Pr...redit+Score.htm

 

I had 8 pulls (3 on EQ, 3 on TU, 2 on EX) in a 5 day period. I lost 4 points on FICO. Did not do anymore pulls because I did not like the rates... Decided to wait a little longer. That was 2 months ago and still have not lost more than 4 points.

 

I guess it is one of those milage may vary things.

 

They had different points of view over in the mortgage forum ...

 

http://creditboards.com/forums/index.php?s...opic=176747&hl=

 

Crazy world we live in eh?

Edited by netsuper

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believe fair issic if you want I buy and sell property like most change underwear and mortgage inqs kill my score of course my scores were in the 800's not the 500's if you will notice the higher your score the more each inq counts , and I don't give a damn what fair issac says ....

thats like quoting BOZO THE CLOWN ....

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believe fair issic if you want I buy and sell property like most change underwear and mortgage inqs kill my score of course my scores were in the 800's not the 500's if you will notice the higher your score the more each inq counts , and I don't give a damn what fair issac says ....

thats like quoting BOZO THE CLOWN ....

 

I don't find knowing how often you change your underwear very useful. And if you have/had an 800 FICO ... good for you. Thats nice.

 

If you don't like what fair isaac says ... good for you. Thats nice too.

 

I know what I have experienced and several others on here have shared already what they have experienced. And it is opposite of what you have said. Again, it must be a mileage may vary thing.

 

Maybe one day when we have all 800's like you we will feel differently ... right?

 

 

<EOM>

Edited by netsuper

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believe fair issic if you want I buy and sell property like most change underwear and mortgage inqs kill my score of course my scores were in the 800's not the 500's if you will notice the higher your score the more each inq counts , and I don't give a damn what fair issac says ....

thats like quoting BOZO THE CLOWN ....

 

Ive also read that many companies who pull dont correct label it as a mortgage inquiry but as a regular credit inquiry. My score seemed to abide by the 2 week thing last year when I was looking for a mortage.

 

/shrug

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