4/22/10

Get A Second Opinion

Credit Inquiries and Credit Scores Information

www.myfico.com/CreditEducation/CreditInquiries.aspx



When a consumer makes a credit inquiry for a mortgage, typically their credit score will drop approximately 5 points. All customers want the best rate and deal, but not at the expense of hurting their credit.


Many consumers are fearful to have a second or third lender pull their credit because it is thought that this would lower their credit score even more with each inquiry. This is not entirely true. To compensate for this, the 3 major credit bureaus (Experian, Trans Union and Equifax) ignore mortgage, auto, and student loan inquiries made within the 30 days of your initial inquiry. So, if you find a loan and a lender within 30 days, the inquiries won't affect your score while you're rate shopping.

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