Quick quesiton.
Your midscore dropped due to inquiries? How were they able to get the number before drop? Did they go off a prior credit pull or what not?
Starting Score: 614
@UpAndComing74 wrote:Quick quesiton.
Your midscore dropped due to inquiries? How were they able to get the number before drop? Did they go off a prior credit pull or what not?
You will always see a drop due to the inquiries, they will use the scores at the time of their credit pull. They will provide you with a letter that shows the score they used. Unless it takes too long to fund the drop from inquiries isn't a big deal, if it drops you into a different tier that could be an issue if they have to pull your scores again.
I understand that. I am trying to figure out the timing of the drop. I am at a mid of 712. I do not want to drop into a lower tier. So when they push the button, isnt the score they pull thfe "dropped" score? Its not a delayed score drop is it?
@UpAndComing74 wrote:I understand that. I am trying to figure out the timing of the drop. I am at a mid of 712. I do not want to drop into a lower tier. So when they push the button, isnt the score they pull thfe "dropped" score? Its not a delayed score drop is it?
What do you mean by when they push the button? They will use whatever scores you had when you apply with that particular lender at the time of the application. If your score does go up while you are home shopping or under contract you can do a rapid rescore (for a fee) if it could help your rates.
Ask your lender how long the pull is good for. I have seen 60 days, and my lender was actually 120 days.
Lol.. Ok. we may be talking about the same and 2 different things.
Lender pulls credit tommorrow. That pull drops my score to 709. They will not use 712 because they would have never seen it. If they have to repull in 120 days, and my score is 695...they can allow me the higher score if the drop can be attributed to inq. and not any new negative data. Whatever they get when they pull(push the button) is the score that they will use. Sound correct?
@UpAndComing74 wrote:
Lender pulls credit tommorrow. That pull drops my score to 709. They will not use 712 because they would have never seen it. If they have to repull in 120 days, and my score is 695...they can allow me the higher score if the drop can be attributed to inq. and not any new negative data. Whatever they get when they pull(push the button) is the score that they will use. Sound correct?
There is a buffer period after a mortgage HP takes place. I'm not 100% positive if it is different on the big 3 CRA's, but I didn't see my score change on EX for 30+ days after my first pull from EX (I've seen others mention a 14-15 day period for one of the CRA's). So you have around 15-30 days "to shop around" with different mortgage companies before your FICO score reflects the pulls.
Also, mortgage HP's are lumped together in your credit scores. I had multiple mortgage companies do a HP on EX, but EX only shows 1 HP as being "counted" in the FICO scoring model. However, it is my understanding that the HP's do count individually when applying for credit products (such as cards). In other words, if you shopped 5 different mortgage companies for the best rates: 1) the CRA's FICO scores should only show 1 HP in their scores, but 2) a credit card issuer will still see 5 HP's on your credit report.
@Duke_Nukem wrote:
@UpAndComing74 wrote:
Lender pulls credit tommorrow. That pull drops my score to 709. They will not use 712 because they would have never seen it. If they have to repull in 120 days, and my score is 695...they can allow me the higher score if the drop can be attributed to inq. and not any new negative data. Whatever they get when they pull(push the button) is the score that they will use. Sound correct?
There is a buffer period after a mortgage HP takes place. I'm not 100% positive if it is different on the big 3 CRA's, but I didn't see my score change on EX for 30+ days after my first pull from EX (I've seen others mention a 14-15 day period for one of the CRA's). So you have around 15-30 days "to shop around" with different mortgage companies before your FICO score reflects the pulls.
Also, mortgage HP's are lumped together in your credit scores. I had multiple mortgage companies do a HP on EX, but EX only shows 1 HP as being "counted" in the FICO scoring model. However, it is my understanding that the HP's do count individually when applying for credit products (such as cards). In other words, if you shopped 5 different mortgage companies for the best rates: 1) the CRA's FICO scores should only show 1 HP in their scores, but 2) a credit card issuer will still see 5 HP's on your credit report.
Ahhh Got it!!! I did apply 2 two so far. (NavyFed and Outside Lender) Scores dropped on CK...who cares right? So I did purchase my TU refresh from Myfico. Score remains at 712. Thanks for the explanation.