How much does having my credit checked by a credit grantor impact my score?

[Anonymous]

Hello everyone.Can someone help me with this question?I want to refiance my home because I have a high interest rate.I am looking for a low rate.Some lenders are asking me to give them my social security number so that they can tell me what rate I am qualify for.I told them bank of america has just pull my credit report and this is the credit score they have for me.Can someone tell me if more than one lenders pull my report if this can affect my credit score?

[incognitony]

For mortgages you can have it pulled by many lenders over a short period of time (its at least 14 days) without it impacting your score any more than just one lender pulling it.

[Anonymous]

Do you mean if one lender pull my credit report today and another one pull it tommarrow and another one pull it one week after it won"t lower my credit score?Please reply.

[MarineVietVet]

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@Anonymous wrote:

Do you mean if one lender pull my credit report today and another one pull it tommarrow and another one pull it one week after it won"t lower my credit score?Please reply.

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Hello and welcome.

FICO scoring has a "de-duplicationwindow" and it looks at your history for the last 12 months, and when it sees two or more hard inqs for the same type of mortgage or auto loan it will ignore all but one of them as far as scoring is concerned. If the lender is using an older FICO scoring model the window is 14 days, if they are using the newest model it can be up to 45 days.

Also keep in mind that even though the multiple inqs count as one in FICO scoring, all of the inqs will continue to show on your reports (that is, reports pulled from sites other than myfico) for up to 2 years.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Anonymous]

Thank you very much for your feed back.

[MarineVietVet]

You're very welcome.

[CS800]

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@MarineVietVet wrote:

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@Anonymous wrote:

Do you mean if one lender pull my credit report today and another one pull it tommarrow and another one pull it one week after it won"t lower my credit score?Please reply.

---

Hello and welcome.

FICO scoring has a "de-duplicationwindow" and it looks at your history for the last 12 months, and when it sees two or more hard inqs for the same type of mortgage or auto loan it will ignore all but one of them as far as scoring is concerned. If the lender is using an older FICO scoring model the window is 14 days, if they are using the newest model it can be up to 45 days.

Also keep in mind that even though the multiple inqs count as one in FICO scoring, all of the inqs will continue to show on your reports (that is, reports pulled from sites other than myfico) for up to 2 years.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

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That's great news, so in 14 days if 8 lenders for mortgages pulls your credit, FICO views it as one hard inq for mortgage

What about for car loans? Does the same logic apply in FICO?

[MarineVietVet]

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@CS800 wrote:

 

That's great news, so in 14 days if 8 lenders for mortgages pulls your credit, FICO views it as one hard inq for mortgage

What about for car loans? Does the same logic apply in FICO?

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Referring to my last post: FICO scoring has a "de-duplicationwindow" and it looks at your history for the last 12 months, and when it sees two or more hard inqs for the same type of mortgage or auto loan

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Anonymous]

I want to thank you for the feed back.I am trying to refinance my home because I have a 5.99 % interest rate and a varible rate.I have two mortgage.On my first mortgage I have a balance of $128,000 and 12 years left to pay off.Also I have taken out an equity for $139,000 with a varible rate and a balance of $133,000.My minimum payment is $408. My first mortgage payment is $1438.I have a total balance of $262,000 on both mortgage.I want to do a refinance and I want to add my daughter on the mortgage.She makes $35,000 per year and I make $40,000 per year before taxes.Bank of america pull both of our credit report and say my middle score is 711 and my daughter middle score is 615.They told me I will be denied for a refinance because of my daughter credit score.They say I can do a refinance for an FHA LOAN if my daughter credit score can go up to 640.Can some one shed some information for us.I have a one family home and it is value for $310,000.Insurance and tax is $134.00 per month.Credit card for both of us is $16,950 with a minimum payment of $435.00 per month.I would like to know if there is any lenders who would like to do our refinance for my home.