08-20-2012 12:10 PM
I haven't gotten a preapproval yet, as I was afraid of a "ding" on my CR. I was told that a pull for mortgage pre-approval would not be an issue. I was told that other types of credit pulls do, but not mortgages. Can anyone confirm?
08-20-2012 05:47 PM
FICO is unique in that it'll ignore all mortgage, student loan, and auto inquiries when you apply, and won't start scoring that first inquiry until 14-45 days after you apply, depending on the FICO version used by your lender. This gives you the chance to apply with as many lenders as you want and the scores will be the same (assuming all else is equal and you are still inside the window). Once the window expires, then FICO will once again score the first inquiry only. FICO will also ignore excess inquiries outside of the one if pulled within the window. So, you could apply to 100 lenders with 100 inquiries. FICO will ignore 99 of them once the window expires. In other words, you aren't penalized for rate shopping.