| Question about Shopping for home loans |
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healthwealthhappiness
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| Question about Shopping for home loans |
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here's the question.....
how do you shop around for the best home loan (%interest rate, monthly payment, $ down, etc...) without it affecting your credit score by lenders pulling your credit....?
from what i understand, having your credit pulled significantly affects your score etc....
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Wed Jan 17, 2007 10:29 am |
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No-Brainer
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Not if you are truly shopping for a loan. They know you are not going to grab the first deal you are offered so several inquiries within reason are no problem.
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Thu Jan 18, 2007 4:44 am |
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healthwealthhappiness
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thanks for the quick response!
pardon my lack of knowledge on the subject, but when you refer to "they", do you mean credit bureaus for scoring purposes or do you mean the lenders that i am getting quotes from?
or do you mean that keeping my loan quote inquiries (having my credit pulled) within a reasonable # of times , it will not (significantly) affect my credit score?
thanks a mil
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Thu Jan 18, 2007 12:18 pm |
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kevin
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Its kind of funny that you said that because I don't know about the 30 day thing. I have seen the FICO score drop after 5 pulls in 2 days. Only 6 points, but that's huge depending if you are at a 620. But to answer your question, pull your credit report by yourself. This way you don't need other people to pull it. If they can't give you a quote based off of your credit score, they don't know what they are doing! If you have certain derogs/BK/collections, let them know as well.
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Tue Feb 27, 2007 10:04 pm |
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Offshore-Wealth.com
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| Offshore-Wealth.com |
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quote:
Originally posted by coaster
Perhaps it depends on who's pulling it? I don't know; what I said is what I heard on the Clark Howard show, and he's pretty good on having the straight scoop. 
Good point,
I know many mortgage brokers will submit to several banks at once, so you have to be careful or you could have a dozen inquires which will lower your FICO. If you go into your local bank, they will only pull one credit report for each bureau, so if your FICO is marginal, be carefull. Some banks will allow you to pull your own credit report and submit it, so check this option if you are shipping through brokers especially.
Good luck to all, Mike
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Thu Mar 15, 2007 1:06 am |
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