Does it hurt my score? Pulling My CR for a Mortgage

[MM1234]

Hi all - Im sure this is on this board somewhere but couldnt find it so will ask again.

When its time for me to Look for a Mortgage Loan and banks pull my report, does this hurt my score if I shop around with a like 4-5 banks and they pull my score a few times over a weeks or 2 week period?

I read that there are 3 kinds of pulls that dont hurt me like: Pulling my OWN report, Creditors looking to SPAM me with Pre-Approvals and the last one was LANDLORDs looking at my report.

Thanks again!!

[Anonymous]

Anytime you have several pulls for an auto loan or a mortgage within a small time frame (I've read 2 weeks but also recently read 4 weeks), FICO recognizes this and it isn't counted against you as several pulls but only as one which will still ding your CR a little as can be expected with an inquiry.

Message Edited by HouseHunter on 04-29-2007 02:39 PM

[Anonymous]

I've read that if you have multiple inquiries from auto or mortgage within 2 week period it will count as 1. here is quote on inquiries from MyFico.

  Inquiries listed here are requests by lenders to view your credit report because you have applied for credit with them. Having many inquiries can hurt your FICO score, because that might be a sign that you are in a financial situation where you need credit. A single inquiry, however, will have little impact on your score.

Three other kinds of inquiries do not affect your FICO score and are not listed here. One occurs when lenders search for consumers that might qualify for pre-approved credit. Another occurs when you request to view your own credit report, such as when ordering products on myFICO. Other inquiries that do not affect your score are any inquiries used for purposes other than granting credit, such as an inquiry requested by a landlord. Note: In general, inquiries contribute to less than 10% of your FICO score.

[MM1234]

Thanks dekrist -

That was the one I saw too. All these didnt seem to include the word mortgages. I guess maybe the part about the Lenders included them. I was thinking that part was about the spam I get in the mail.

Thanks again!

[MM1234]

Thanks HouseHunter This is the info I was hoping for. I dont mind 1 ding thru out the loan search process.

[Tuscani]

Just remember.. eventhough your score only reflects one inq.. each still show up and go against your overal inquiry count.

[Anonymous]

Have you thought of using a broker who will run your reports and then search for a mortgage on your behalf? That way you don't have to worry about 4 or 5 hits, regardless of how they are counted.

[Anonymous]

I called a Real Estate company last week to get more information on the home buying process.  She said that they have someone in their office that will get the best loan possible for me if I choose to do it.  Would they be considered a mortgage broker?