How does pulling my FICO scores affect my score? Think I got a line of BS from my mortgage broker.

[valley_man0505]

I have been working with a mortgage broker to buy a new house and my FICO scores have been below what he would like to see before submitting my application for an FHA loan.  I have been closely monitoring my scores so that I know exactly when would be a good time to go forward with the application.  I have purchased my 3 FICO's through myFICO.com and also signed up for ScoreWatch through this site to get an update of my EQ FICO each week.  My mortgage broker got very angy with me when I told him this.  He said that I am going to be hurting my score by pulling these reports so frequently and that I am only allowed a couple inquiries a year without it affecting my score.  The research I have done says that pulling these scores on my own will not result in any inquiries showing on my report that could negatively affect my score.  Who is right?

[Anonymous]

You are correct.  

Except that ScoreWatch does not give you a weekly update of the score; it only updates when there is a change.

[valley_man0505]

Thanks for the correction masdeocho. My scores have been changing a lot lately (+60 points in 2.5 months!), so I should be getting quite a few updates if I receive them whenever there are changes.

[cobra19]

I'd get a new mortgage broker.

[Anonymous]

You're welcome, valleyman.

Check out this thread which explains how ScoreWatch works.

http://ficoforums.myfico.com/fico/board/message?board.id=myficoprod&thread.id=373&jump=true

[DustyStash]

Your mortgage broker needs a little more education. He's completely incorrect. You can check your own score every day of the year if you really like, and it won't affect anything. If HE however checks it, it WILL affect your score. You're doing everything that you should. Checking it on your own, checking it through the right site etc. He is partially correct that you're only allowd a few inquiries a year before it starts negatively affecting your score. but that means inquiries from 3rd parties that youve allowed to pull your score, not inquiries that you yourself have caused by pulling your OWN report. So don't sweat it .. you're doing everything you should be, the right way. good luck

Sparky 

[BungalowMo]

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cobra19 wrote:

I'd get a new mortgage broker.

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Anyone who would get angry with you for keeping an eye on your own reports & scores has a problem.  If anything he should be happy thet you're so well informed & on top of the situation. 

Pull them all you want...it's your personal information & you're more intitled to it than anyone.