Posted by Kathie E. on January 24, 2000 at 08:56:52:
If you pitted two brokers against one another for your business, you probably only had 2 credit inquiries to your report which were made by them. You are allowed 5 inquiries per year and anything over that deducts 10 points per inquiry from your Beacon score. This was told to us by the broker that is now handling our deals. He said that the lenders he deals with can disregard the low score when there’s evidence that it is low due to inquiries ONLY as is our situation. Now, when the broker is shopping for OUR loan with the 160+ lenders he deals with, he will provide a copy of our report to them (a current copy is good for 60 days) and will not allow them to pull their own copy which will prevent any further lowering of my husband’s score. Of course, the broker’s inquiry will bring us down another 10 points, but the broker doesn’t seem too concerned about that.
Will keep you posted…