Credit score and mortgage inquries - Posted by BlueAngel

Posted by BlueAngel on September 15, 2003 at 15:29:57:

Hi Scott,

Thanks so much. I’ve read the link and they address the exact answer I was looking for. I am glad now they do the 14 days inquires as one, because as investors we’re bound to be shopping around with many mortgages.

Credit score and mortgage inquries - Posted by BlueAngel

Posted by BlueAngel on September 14, 2003 at 18:30:30:

I heard too many inquires from lenders will actually lower my credit score. But lenders will need to request my credit report as my mortgage broker send off my application, would they not? Would it show up as only one request from broker? Or multiple requests from potential lenders? How do you get around that?

Re: Credit score and mortgage inquries - Posted by Matt Johnson

Posted by Matt Johnson on September 15, 2003 at 15:26:48:

if you go to www.myfico.com, it tells you that they expect people to “shop” and do not penalize you for multiple inquiries from companies in the same market. It groups these inquiries as 1.

Re: Credit score and mortgage inquries - Posted by Bruce Lawson

Posted by Bruce Lawson on September 15, 2003 at 13:12:17:

Hi Blue Angel,

It is true you loose five points per inquiry, but keep in mind all the inquiries on a credit report are not counted against the score. Lenders will only count the ones in the last ninety days.

If you are shopping for a single mortgage that will count as one inquiry. When you start making multiple purchases that is when they start to accumilate.

One way around the inquiry issue is to go online and purchase your credit profile and score take that to the loan officer and have them use that until the deal closes then they can pull your report for their records. You should check first with the lender you work with and see if they will reconize that.

You should consider a working line of credit that will eliminate inquiries because you will have cash to replenish your inventory and not make any other loans.

Sincerely,

Bruce Lawson

Re: Credit score and mortgage inquries - Posted by ScottM (OH)

Posted by ScottM (OH) on September 15, 2003 at 24:47:12:

BlueAngel,

Some guidelines here…

http://www.creditinfocenter.com/creditreports/scoring/inquiries.shtml

Some interesting tangible data on how various factors affect your FICO here…

http://www.creditinfocenter.com/creditreports/scoring/scoringinfluences.shtml

ScottM (OH)

Re: Credit score and mortgage inquries - Posted by BlueAngel

Posted by BlueAngel on September 15, 2003 at 19:52:32:

I call MyFico to inquire further, and thought I share this with everyone interested in this issue. If I shop around for same type of loan (real estate), and if I do so in 14 days with different lenders, it will only show up as one inquiry. They start counting from the day of my application. In addition, if you shop loans for different properties in those 14 days, it will also be counted as only one inquiry because they are all real estate loan.