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inquiry affect on credit

Member

inquiry affect on credit

I want to move some money from a mature CD into a new rewards account at the credit union to get 6.1%  but the credit union says they have to run my credit first to let me add the money
There is a 50% chance we will be buying a second home soon (first home paid off) and applying for a loan.  Will their running my credit affect my credit much to the lenders I will be checking with?  My score is a 808
 
Thanks,    Jim
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Super Contributor

Re: inquiry affect on credit



ndpace wrote:
I want to move some money from a mature CD into a new rewards account at the credit union to get 6.1%  but the credit union says they have to run my credit first to let me add the money
There is a 50% chance we will be buying a second home soon (first home paid off) and applying for a loan.  Will their running my credit affect my credit much to the lenders I will be checking with?  My score is a 808
 
Thanks,    Jim


With a middle score that high an inq might drop your score or might not, but it will still get you the best possible rate
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Message 2 of 4
Regular Contributor

Re: inquiry affect on credit

Generally speaking, a middle score above 680 should get you the best rates out there.  Of course, this all depends on the lender.  You can try calling the lender you're insterested in and asking what credit score is required to get their prime rate.  Once you reach that score, there will be no rate difference between a person w/ that score (usually 680) and a person w/ an 800 fico score. 
Message 3 of 4
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Super Contributor

Re: inquiry affect on credit

The inquiry (and resulting few point drop from it) should still enable you to qualify for the best rates.  If you don't have a down payment for the new home, or if you don't have enough of a down payment, then you might look into cashing out some equity in your paid off home to use as the down payment.
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Information that is needed to determine if you qualify for a mortgage

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