topic Re: Hard pull credit report in General Credit Topics

Hard pull credit report

Anonymous — Mon, 04 Dec 2017 17:25:19 GMT

I applied for a mortgage from quicken loans on December 1st on December 1st Credco pulled my credit once then on December Credco pulled my credit twice changing my hardnpulls from 3 to 6 in 24 hours. How do I cleanup this mess?

Re: Hard pull credit report

Anonymous — Mon, 04 Dec 2017 17:38:16 GMT

I'm not sure but I think Quicken Loans doesn't originate, they just sell your request to other loan originators (they're a wholesale broker and servicer, I believe).

Those inquiries, if coded properly, will all count as ONE inquiry if done in the same 30 day period or so. So don't worry about many mortgage inquiries in the same few weeks.

Re: Hard pull credit report

Anonymous — Mon, 04 Dec 2017 18:50:16 GMT

Great reply by ABCD. So the takeaway should be to (a) relax (b) pull your reports in a week and make sure all the inquiries are of type "mortgage" and (c) make sure that all your inquiries were done within 13 days of each other.

The old models use a 14-day window for de-duplication and rate shopping (if I remember right) so it is best to go with the most conservative window.

Re: Hard pull credit report

Anonymous — Mon, 04 Dec 2017 18:54:40 GMT

Oops 14 days not 30.

Also, don't quote me, but I believe FICO won't even SCORE your mortgage inquiries until a certain amount of time has passed. So (I believe) intitially they score for 0 points, but after a certain period of buffer time (45 days maybe?), that's when they all ding you together as one if they're all within the same time frame.

Be aware that shopping with mortgage brokers can mean many many many inquiries, hopefully all in that 14 day window.

Re: Hard pull credit report

Anonymous — Mon, 04 Dec 2017 19:00:46 GMT

Right again, ABCD. Any mortgage inquiry has no effect for the first 30 days.

After that, FICO sees whether it can group them together and treat them as one. The oldest models give you a 14-day window. The later models give you a more liberal window like 30 or even 45 days.