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Will my FICO drop if I check several mortgage lenders?

New Visitor

Will my FICO drop if I check several mortgage lenders?

I am trying to refinance my home. The first lender I checked has told not to check anywhere else or my FICO will drop. I called a credit counselor and asked if this was true. They told me that I could check as many as I liked and it would only effect my FICO as if I checked only one lender. They said this was part of the FACT act. Does anyone know the absolute truth?
 
I am rebuilding my credit after a bout with leukemia. Any info would help me tremendously.
3 REPLIES
Valued Contributor

Re: Will my FICO drop if I check several mortgage lenders?

Multiple mortgage inquiries within a certain period of time...I believe it is two weeks...are counted as a single inquiry. The mortgage lender you are working with should be aware of this. Perhaps they are afraid of the competition...
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in a credit-scoring postnuclear Stone Age...
New Contributor

Re: Will my FICO drop if I check several mortgage lenders?

That is there way to stop you from shopping around on them. All mortgage pulls in a 14 day period are considered as one inquiry. The model took into account the fact that consumers would want to shop around for the best rate. (Same is true for auto financing)
Moderator Emeritus

Re: Will my FICO drop if I check several mortgage lenders?

Just remember.. while FICO only dings you for one.. each inquiry still shows on your report(s) and increases your overall count.