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.