Refinancing

[amc]

Good afternoon, does anyone know when you are shopping around to refinance, what the limit of inquiries you're allowed that does not affect your fico score negatively.  I was told if you get all your possible lenders inquiries in within a 2 week period it will not hurt your fico score.  Anyone have any suggestions....greatly appreciated.

Amc

[ShanetheMortgageMan]

The first inquiry will impact the scores, but any "like" inquiries for 2 weeks afterwards will not have any additional negative impact.

[Lel]

With the newer FICO scoring versions, including the Equifax score (Beacon 5.0) that you get here and the TU 04 version that isn't available here, you actually have a 45 day window in which all mortgage loan inquiries (they need to be properly coded as such) will be scored as a single inquiry. Older versions of FICO, which include the TU 98 score that you get here and the Experian v2 (which isn't readily available anywhere) allow for a 14 day window. As it stands, the FICO score versions that used the most are EQ Beacon 5.0, TU 04, and Experian v2.

[ShanetheMortgageMan]

Wow, 45 days, good to know.