@paget wrote:
Hello,
I am planning to apply for a HELOC from different 3 banks to see who can give me the best terms. How do multiple HELOC credit pulls impact the credit score? Would it be same as someone shopping for mortgage or car loan? Or would these could as three individual credit pulls (as if I applied for 3 credit cards)?
What is the standard practice while applying for HELOC? Do people shop for them like mortgages?
Thanks.
Very much a YMMV situation.
IF each lender's pull codes as a mortgage inquiry then it is like mortgage rate shopping; however, lenders are free to use any criteria they want (including score model and CRA they check) so odds are high that they won't be coded as a mortgage inquiry especially if you are using a general bank/CU
