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Started By
Message
How do mortgage inquiries count on your credit?
Posted on 8/22/24 at 1:42 pm
Posted on 8/22/24 at 1:42 pm
Shopping for a house and looking for a mortgage.
I’ve shopped around 3 in the past week. All 3 have shown up as unique inquiries on my credit. I thought bunching up credit inquiries kept them from stacking up like that.
Worried about tanking my credit if we have to look for more. Currently sitting at about 785 right now.
I’ve shopped around 3 in the past week. All 3 have shown up as unique inquiries on my credit. I thought bunching up credit inquiries kept them from stacking up like that.
Worried about tanking my credit if we have to look for more. Currently sitting at about 785 right now.
6
Posted on 8/22/24 at 2:34 pm to Cousin
So who do I reach out to to fix this? Each individual credit bureau?
Posted on 8/22/24 at 2:59 pm to jlovel7
No one. They will show each time someone pulls your credit. But they are only “counted against you” as 1 pull granted they are in the time frame.
Posted above mentioned 45 days… it’s been awhile since I’ve been in that side, but sounds right.
Posted above mentioned 45 days… it’s been awhile since I’ve been in that side, but sounds right.
This post was edited on 8/22/24 at 3:00 pm
Posted on 8/22/24 at 3:51 pm to jlovel7
They arent doing soft checks? You are dealing with rookies
Posted on 8/22/24 at 4:36 pm to jlovel7
If you make application, meaning signing docs to obtain a mortgage loan (not to receive a quote), that's the hard pull on your credick rating that will alter it's course for a short period of time. That's about the best I can explain it. Mine dropped about 40-50 pernts for approximately 3 months.
Posted on 8/22/24 at 6:41 pm to jlovel7
quote:
Worried about tanking my credit if we have to look for more. Currently sitting at about 785 right now.
Damn man. A few credit pulls aren't going to "tank" your credit. Going through this process is exactly why you built up a strong credit score.
Posted on 8/22/24 at 8:04 pm to jlovel7
I have a friend who is a mortgage broker and he did the shopping for me, I don’t remember multiple checks
Posted on 8/22/24 at 8:52 pm to jlovel7
You have 45 days that you can shop lenders and while each inquiry will show on your report you only get hit for one in that 45 day window. And it’s approx 6-8 points of a ding when it takes effect not the 40-50 someone mentioned. Now credit karma may show you initially a 40-50 point drop that is not accurate and they quickly give that back after the fact.
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