Credit report mortgage inquiries

I think you have a 10 or 12 day period in which all the credit pulls will count as one.

No way you dropped 46 points just for the inquiries. Did you have a drastic change in balance on any of your credit cards?

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Nope, i haven't used my card at all this month and it has a zero balance

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I'm no expert on this when it comes to how mortgages affect your score, but I did the mortgage thing myself late last month/early this month.

Same thing happened but I only use free sites like Credit Karma to monitor. My guess is you are too on top of it and they just haven't grouped the inquiries yet, because mine rebounded fairly quickly.

This is the problem. You went to an internet site or an on-line scenario. Generally what happens is a broker will use your same report and then whoever they decide to send it to will pull a different one that actually has more information on it. If you have an open application with multiple places then they pull a different one every time because each one is paid for by the company that pulls it. It basically looks like you are trying to acquire credit from multiple places, that is why your score dropped.

Some of this was supposed to be reduced with Dodd/Frank, but it should not be a drastic fall. If you were borderline already, you didn't help yourself.

Also, the bureaus look at what type of report and who pulled it. Some inquiries will lower your score more than others. If you went to say "Bank Rate.com, everyone has access to your info and can pull it. Most don't because it costs money. Also those free credit reports aren't free. They try to sell you on their services, sell you to marketing companies, etc.

By law if you are denied credit, the 3 major reporting agencies have to supply you with a free report once a year. Not just because you want one. If you are denied, usually, the company is going to supply you with a TD letter that states your scores, and gives you basic information.

The people who are the worst at selling your information and privacy violations are the credit bureaus. Watch, if you applied for a mortgage in about 30 days you will start getting all kinds of solicitations from all sorts of groups, companies, etc. Your score dictates who you get sold to.

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Also, quit pulling your damn report. You are the reason it is dropping.

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This does not affect your score at all. You could pull it everyday and the scoring model ignores it and it doesn't show up on your report. The hard pulls when you shop for credit are the only inquiries that show up. I have had Score Watch for about 2 years and have had several inquiries in that time. I have never seen my score drop more than 3 points from any inquiry (sometimes it doesn't drop at all with an inquiry) including when I was rate shopping for my truck and mortgage. I can say that I have seen my Equifax score move around a lot for no apparent reason while my TransUnion score that comes with my Discover It card barely moves. The FICO system is truly mind boggling. I would look closely at my report to see if something else is going on. There's no reason for your score to drop like that over a few inquiries, especially since the model should only count them once in a 30 day window while mortgage shopping.

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By law if you are denied credit, the 3 major reporting agencies have to supply you with a free report once a year. Not just because you want one. If you are denied, usually, the company is going to supply you with a TD letter that states your scores, and gives you basic information. The people who are the worst at selling your information and privacy violations are the credit bureaus. Watch, if you applied for a mortgage in about 30 days you will start getting all kinds of solicitations from all sorts of groups, companies, etc. Your score dictates who you get sold to.

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By law, since about 10 years ago, the 3 bureaus are obligated to give you one free report a year upon request not just if you're denied credit. All you have to do is go to AnnualCreditReport.com.

Oh, and to stop the credit solicitors from sending you all kind of junk mail, you can go online and "opt out" of unsolicited offers.

did you apply for anythign else? like a car/CC/anything?

If you shop between different types of credit then the bureaus will see that and see it as either a mis-use of credit or as fraudulent activity. THey will lower the score to prevent credit being extended.

What is happening is he went to multiple places, they all pull a diffeent report. In other scenarios, lenders review his credit using the same report for FNMA/FHLMC underwriting. If the file is subitted the lender will pull it again. So depending on where he applied, they may have puleed multiple reports. It isn't a permanent reduction from bad credit, it looks like he is applying for multiple loans, raising his potential outstanding debt. If he opulss it himself and keeps applying at different places he is dropping his score. I will eventually go up unless there is a real issue a change in status, collection, lowering of credit limit, applied for another cc etc. So yeah every action he does lowers his score, not permanently, but in the short term. So if he applies somewhere else and decides to stick with that lender, he could potentially receive a higher rate because he applied at multiple places that pulled his report multiple times.

So believe what you want, but everywhere he has applied if it is an internet site allows access to his application to multiple lenders, each could or will potentialy pull their own report, thus lowering his score. From what he has listed, he went to multiple sites who mave have shopped him to multiple lenders, who pulled his report multiple times. Unless he has a real credit issue. That is the likely explanation; him also pulling it, does nothing for him unless he used the same bureau number the site he applied to used.

I been in the mortgage business for 20 years, no I am not wrong. We subscribe to some of those site, they send us applicant who have had their reports puleed multiple times. It isn't a permanent reduction, but it does drop.

So no you are wrong, or tell how I am wrong since you know.

I never went to an internet site for mortgage, I went to three places in the Baton Rouge area.

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Nope, i haven't used my card at all this month and it has a zero balance

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This can result in a lower score as well.

Go charge something on your cards and see the impact on your scores.