topic Re: Question about hard pulls and credit scores in General Credit Topics

Question about hard pulls and credit scores

Duncanrr — Sat, 14 Jul 2012 15:52:53 GMT

When a lender or cc company pulls your CR via hard pull it lowers your score. Does the lowered score show up in their number? For example, myFICO EQ score is 625. Mortgage lender pulls my EQ CR and that hard inquiry lowers my credit score say 10 pts. Will the lender's score be 625 or 615? If 615, I need to make sure I have some cushion before I refi, correct?

Re: Question about hard pulls and credit scores

marty56 — Sat, 14 Jul 2012 16:59:30 GMT

IMHO you would get a 625 as the current pull would not show up.

Re: Question about hard pulls and credit scores

pizzadude — Sun, 15 Jul 2012 22:54:50 GMT

@marty56 wrote:
IMHO you would get a 625 as the current pull would not show up.

+1. Any FICO score ding from an inquiry occurs after the report/score is provided.

Re: Question about hard pulls and credit scores

Anonymous — Mon, 16 Jul 2012 05:55:32 GMT

Correct your score would only be lower after the fact not on the actual report that you just pulled, even on that I would think that it would take at least a few days to show up as a ding if not longer!

Re: Question about hard pulls and credit scores

tooleman694 — Mon, 16 Jul 2012 19:12:49 GMT

Im pretty sure the pull will ding you right then and there lowering you 10 points if that what the INQ costs.

Otherwise when your shopping for a mortgage, the next dude that pulls would get a lower score.

So if you have a 625, the pull drops you 10 points your mortgage guys see a 615 and so does the next mortgage guy while all the pulls count as one during that 15 - 45 day period.

Re: Question about hard pulls and credit scores

pizzadude — Mon, 16 Jul 2012 19:34:42 GMT

When a creditor gets your report & score the FICO ding for the inquiry happens after they see the score & report. Any subsequent pulls would reflect the inquiry.

Re: Question about hard pulls and credit scores

tooleman694 — Mon, 16 Jul 2012 19:38:17 GMT

That makes no sense at all.

Then if you are mortgage loan shopping, and you have a second guy pull your credit and his report shows the INQ from the first guy that means he would get a lower score.

Re: Question about hard pulls and credit scores

Anonymous — Mon, 16 Jul 2012 20:16:00 GMT

@tooleman694 wrote:
That makes no sense at all.

Then if you are mortgage loan shopping, and you have a second guy pull your credit and his report shows the INQ from the first guy that means he would get a lower score.

Tooleman, I think what they are saying is you don't get a ding when you have the hard pull done, and if you get another hard pull the same or next day (i've heard 15-45 days) it still wont count as another pull. In example above his score would remain at 625. After the 15-45 days it WOULD count, but only as one hard pull. Maybe I have this all wrong, FICO gets more confusing the more I try to figure it out!

Re: Question about hard pulls and credit scores

tooleman694 — Mon, 16 Jul 2012 20:22:56 GMT

So the ding would factor into your score after the 15 to 45 days.

Re: Question about hard pulls and credit scores

Anonymous — Mon, 16 Jul 2012 20:34:26 GMT

Thats what I'm getting out of it. might be wrong. The larger quistion to me is where does 15-45 dayscome from?. Thats quite a spread Duncan,please let me know if you indeed do get bump if/when you go for it. Good Luck!!

Re: Question about hard pulls and credit scores

tooleman694 — Mon, 16 Jul 2012 20:40:04 GMT

The 15 to 45 days depends on which Fico model you are using.

For EQ all the mortgage INQs you get in 45 days count as one, but on EX its only 15 days.

Re: Question about hard pulls and credit scores

pizzadude — Mon, 16 Jul 2012 22:06:57 GMT

@tooleman694 wrote:
The 15 to 45 days depends on which Fico model you are using.

For EQ all the mortgage INQs you get in 45 days count as one, but on EX its only 15 days.

I believe that this depends on the FICO model, i.e. FICO98, vs FICO04, etc... so assuming that your mortgage lender is pulling FICO04 from all three CRAs then it would be the same on TU, EX and EQ.

Re: Question about hard pulls and credit scores

Anonymous — Mon, 16 Jul 2012 23:24:09 GMT

@pizzadude wrote:
@tooleman694 wrote:
The 15 to 45 days depends on which Fico model you are using.

For EQ all the mortgage INQs you get in 45 days count as one, but on EX its only 15 days.
I believe that this depends on the FICO model, i.e. FICO98, vs FICO04, etc... so assuming that your mortgage lender is pulling FICO04 from all three CRAs then it would be the same on TU, EX and EQ.

My motgage broker is using EQ beacon 5.0 EX FICO II and TU FICO classic 04

Does this mean I will only have only 15 days with Experian?? The diff fico modles leave me confused