topic Re: Pulling credit in Understanding FICO® Scoring

Pulling credit

Anonymous — Wed, 04 Jan 2012 23:20:58 GMT

If a lender has already pulled my credit and my score isn't where she wanted it. When she goes to pull it again will it affect my score? My score was only at 613 in the beginning of Nov so she had me pay my credit cards down to 15% so my score could jump up to 640 Will that really help? She is puling my score tomorrow.

Re: Pulling credit

pizzadude — Thu, 05 Jan 2012 00:12:30 GMT

It depends. Multiple inquiries are counted as only one when they are coded as "auto" or "mortgage". Are you applying for a home or auto loan ?

Re: Pulling credit

pizzadude — Thu, 05 Jan 2012 00:17:05 GMT

Sorry, forgot to mention that the auto/mortgage inquiries must occur within a 30 or 45 day window to only count as one inquiry.

If your first inquiry was at the beginning of Novemeber then any inquiry this year would count as a new inquiry, with a corresponding, although small, scoring ding.

Re: Pulling credit

Anonymous — Thu, 05 Jan 2012 01:10:17 GMT

Yes its a mortgage.

Re: Pulling credit

MarineVietVet — Thu, 05 Jan 2012 02:00:38 GMT

@Anonymous wrote:
Yes its a mortgage.

Welcome.

To add to what pizzadude wrote FICO scoring has a "de-duplication window" and it looks at your history for the last 12 months, and when it sees two or more hard inqs for the same type of mortgage or auto loan it will ignore all but one of them as far as scoring is concerned. If the lender is using an older FICO scoring model the window is 14 days, if they are using the newest model it can be up to 45 days. Also keep in mind that even though the multiple inqs count as one in FICO scoring, all of the inqs will continue to show on your reports (that is, reports pulled from sites other than myfico) for up to 2 years.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".