Borat asked:
If so, doesn’t all those credit inquiries hurt your credit? Or, can you provide your credit report to prevent them from pulling it?
If so, doesn’t all those credit inquiries hurt your credit? Or, can you provide your credit report to prevent them from pulling it?
I’m trying to learn how to shop for mortgage loan rates….
NATHANIEL
SANTOS
Yes
Comment by Conductor — February 17, 2009 @ 12:43 am
NELSON
yes, they all do and even if you provide your own credit rating info, they still need to go and check it themselves to make sure. And no it won’t affect or hurt your credit rating when they’re checking you up. The only way your credit rating will get hurt is when you applied for some loans or credit card/s and you were refused…. or your loans or credits went to collection agencies, late payments or miss payments…..
Comment by MJ M — February 18, 2009 @ 2:35 pm
BRENDAN
I’m a loan officer for a mortgage company.
If you go througha mortgage company, they will do a credit check one time and each lender that they submit you to will see that same credit report.
If you go through a bank or your own private lender then yes, every lender will pull their own report
You can have up to 12 mortgage inquires in one month before your score goes down more than one or two points.
The best way to “shop” for rates is to go through a mortgage company, not a bank. The bank has the same rate regardless if you go through a mortgage company, they can give you a much better rate if you have good credit.
Once the mortgage company pulls your credit and gives you the intrest rate, you can call around to other mortgage companies and ask them for their rate based on the score that the first mortage company gave you. But not all mortgage companies will do that if they know you are shopping. So be careful.
If you pull your own credit report, the score will be higher than when the lender/mortgage company pulls it. Sometiems it is a drastic difference so make sure you go off of the score that the lender gives you and not the score that you pulled up yourself.
If you have any questions, my email is
Comment by sarah w — February 21, 2009 @ 2:17 am
CARMEN
Yes and Yes and Probably Not. They need to pull your credit to get the job done right. They’ll see a different score and report than your personal report you see online (slightly different, sometimes for the better). I would be very selective who you select to pull your credit. Mortgage companies that say you can have multiple inquires in one month with out hurting your score is correct. BUT, if you go to a bank and the bank inquiry isn’t clearly for a mortgage, there’s a good chance you’ll credit score will go down more than 2 points. If you can’t select one lender, try lendtree.com.
Comment by Master T — February 21, 2009 @ 4:55 pm
GALE
yes, ordinarily it would hurt you, but you can have it pulled multiple times within a week or two period and have it only count as one time
Comment by Byron W — February 24, 2009 @ 4:51 pm