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Score drops for Mortgage credit pulls

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Score drops for Mortgage credit pulls

Why would my scores drop from mortgage inquiries? They aren't small either one is 16 points! 

6 REPLIES 6
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Moderator Emeritus

Re: Score drops for Mortgage credit pulls


@Skye77 wrote:

Why would my scores drop from mortgage inquiries? They aren't small either one is 16 points! 


They're still seeking credit.

 

Mortgage inquiries have a grace period of 30 days for scoring purposes though.




        
Message 2 of 7
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Frequent Contributor

Re: Score drops for Mortgage credit pulls


@Revelate wrote:

@Skye77 wrote:

Why would my scores drop from mortgage inquiries? They aren't small either one is 16 points! 


They're still seeking credit.

 

Mortgage inquiries have a grace period of 30 days for scoring purposes though.


+1

 

Still a hard pull. Hopefully you'll find a house. In the market where I am mixed with the time period (hot market) that I was looking, it took a couple years to find something. So I had a HP every 6 months or so.

 

Also, If and when your mortage gets picked up, they may sell. When my mortage company sold mine, I noticed a 5pt drop for each of my 2 resales. I saw a open, close for each.

 

Good Luck!



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Message 3 of 7
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Established Member

Re: Score drops for Mortgage credit pulls

In general, mortgage inquiries have a small impact on your credit scores. For most people, one additional mortgage inquiry will take less than five points off their credit Scores. If you find a mortgage within 30 days, the mortgage inquiries won't affect your scores while you're rate shopping.

Message 4 of 7
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New Contributor

Re: Score drops for Mortgage credit pulls

Yes, that's why I'm confused by it we had 4 pulls total 2 by each company before and after rescore. They were all from 12/26 to 1/15 so that isn't even in over the 30 day period.

Message 5 of 7
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Moderator Emeritus

Re: Score drops for Mortgage credit pulls


@Skye77 wrote:

Yes, that's why I'm confused by it we had 4 pulls total 2 by each company before and after rescore. They were all from 12/26 to 1/15 so that isn't even in over the 30 day period.


Something else changed then TBH or the inquiries weren't flagged correctly but the overwhelming majority of them are since it's almost always done by one of a few third party services.

 

Which score(s) moved specifically?  




        
Message 6 of 7
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Established Member

Re: Score drops for Mortgage credit pulls

I had the same issue.  My scores dropped because the builder rep pulled it 3 times and then the actual mortgage pulled twice.  My scores have dropped 16-25 points due to this.  Auuuggghhhh.  Thank goodness the underwriter still approved me.

Starting Score: 469 TU 501 EQ 453 EX
Current Score: 640 TU 655 EQ 587 EX
Goal Score: 750 Across the board


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