Score drops for Mortgage credit pulls

[Anonymous]

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

[Revelate]

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@Anonymous wrote:

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

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They're still seeking credit.

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

[CramEiko]

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@Revelate wrote:

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@Anonymous wrote:

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

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They're still seeking credit.

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

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+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!

[Anonymous]

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.

[Anonymous]

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.

[Revelate]

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@Anonymous 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.

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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?  

[TXPocohontas]

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.