Applying for a Land Loan- how to keep inquiries down but get a good rate?

[Anonymous]

I am currently searching for a lender to get a land loan through. The only way I can get any confirmation of interest rates, term length, and % financed is for them to pull my credit. I have about 5 banks that I would like to get more information from, but how bad will this affect my credit score? I have spent too much time raising it, to have a ton of points lost by adding inquiries. How much does it affect my score, and is there a better way?

[Anonymous]

Ok I just spoke with a lender and he told me that you can have 8 "free" credit inquries per year per agency, before your credit is affected? Is this correct?

[Anonymous]

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angfento wrote:

Ok I just spoke with a lender and he told me that you can have 8 "free" credit inquries per year per agency, before your credit is affected? Is this correct?

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Have never heard that. But when shopping for a loan, inquiries from the same type of loan place(mortgage broker, car dealer, etc) that happen within a certain period of time are only counted as 1 inquiry against your score. All will show, but they will group them together and count as 1.

[Anonymous]

I just checked my report... and I found this!  the top two were both for land loans... why did they come up as two separate inquiries? Inquiries affecting your FICO® score

Total: 5 Times

March 03, 2008 Firstambk

February 28, 2008 Midfirst

[Anonymous]

I think it's after you actually accept an offer and have it report on your CR will the system understand it was all for the same thing AND that you were approved.