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Mortgage shopping inquiries and affect on score

raisemysc0re
Frequent Contributor

Mortgage shopping inquiries and affect on score

I'm currently shopping for a mortgage refi and am getting multiple 3 agency Hard Pulls from different lenders. How does the scoring model take this into account?

I believe they are all loooked at as 1 inquiry on each Agency report but do I get doouble dinged for having tooo many inquiries overall? 

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Starting Scores (06/2016):

Current Fico8 Scores (Updated 11/11/21):

Current Fico9 Scores (Updated 11/11/21):


Message 1 of 5
4 REPLIES 4
coldfusion
Community Leader
Super Contributor

Re: Mortgage shopping inquiries and affect on score

If they are all within a 45 day window FICO will score all of them from each CRA together as a single inquiry specifically to avoid penalizing you for rate shopping although they are all individually reported.  It's up to whomever later pulls a report to choose how they want to evaluate them so YMMV.



(11/2021)
FICO 8 (EX) 806 (TU) 833 (EQ) 827
FICO 9 (EX) 828 (TU) 841 (EQ) 842

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Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 2 of 5
Birdman7
Super Contributor

Re: Mortgage shopping inquiries and affect on score

The Experian mortgage score only has a 14 day window.
Message 3 of 5
raisemysc0re
Frequent Contributor

Re: Mortgage shopping inquiries and affect on score

I applied at a couple of places to rate shop.

I also figured to double dip where I could so I applied for a PenFed credit card and had them use the same Pull from the Mortgage app.

If I had like 5 pulls from each CRA for the mortgage they shoould all count as 1 for scoring but I will probably see a reason code of too many inquiries pulling that category down?

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Starting Scores (06/2016):

Current Fico8 Scores (Updated 11/11/21):

Current Fico9 Scores (Updated 11/11/21):


Message 4 of 5
Birdman7
Super Contributor

Re: Mortgage shopping inquiries and affect on score

If you got them to use the mortgage pull for the credit card that’s great! Smooth move down like a true MF‘er!

Now, if you had five mortgage pulls at each CRA, they will all show, but scorewise you will only be penalized for one inquiry at each CRA if they all fall within a 45 day window, or a 14 day window for EX2.

Yes all it takes is one inquiry to get the negative reason code for anybody. That doesn’t mean it’s too many; it just means there’s room for improvement.
Message 5 of 5
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