Profile picture for 122408move

If I req. GFE from mult.lenders does this trigger a credit report from each and won't it hurt FICO

I'm really afraid to start requesting GFEs because this is what I have been told by my sister-in-law who previously worked as a mortgage broker.She said I could fax the lenders a copy of the credit report that I have obtained(she got it for me) and as long as it is recent they should be able to use it.
  • June 14 2009 - Destin
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Answers (6)

Profile picture for Mortgage Market
Credit inquiries
Will my FICO score drop if I apply for new credit?
If it does, it probably won't drop much. If you apply for several credit cards within a short period of time, multiple inquiries will appear on your report. Looking for new credit can equate with higher risk, but most credit scores are not affected by multiple inquiries from auto, mortgage or student loan lenders within a short period of time. Typically, these are treated as a single inquiry and will have little impact on the credit score.

You can learn more at: http://www.myfico.com/CreditEducation/CreditInquiries.aspx

I hope this helps with regard to credit scores and inquiries. Thanks, Steve
  • June 15 2009
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Profile picture for Liberty Mortgage
A credit report is not needed for a Good Faith Estimate.  So long as you know your approximate score and approximate credit profile- (i.e.- debts, derogatory's, etc), an accurate Good Faith can be generated and additionally very exact so long as you know some of the variables such as taxes, insurance, title charges, etc-
  • June 15 2009
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Profile picture for 122408move
thanks again for very good advice
  • June 14 2009
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Profile picture for Ray Stevens
100% correct.

Another fact of life about GFE's, some things will change slightly with GFE's.  As you get payoffs, the estimate becomes actual and figures will change.

However, there should be no completely new type of fee unless it comes with a detailed explanation. 

Besides comparing same rates, get them from the broker at least within the same day.  Even with this, rates can change several times daily, but at least you have a fighting chance at being able to compare deals that are similar.
  • June 14 2009
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U don't need to provide anything about your creditworthiness (credit report) to request a GFE.  We need home price. address. downpayment or exisiting mortgage or not.. Haz Ins info.  We do not have your SSN... therefore... no inquiry...  Your sis-in-law...... is approaching it very old broker school.  I crank out accurate GFEs and will gladly deny clients who misrepresented themselves (never happens) to me.  If you are what you are... just tell them.  If you are simply trying to compare numbers only  (LINE 800 ITEMS) are lender based costs.. Either get same costs and compare rates OR ask for the same rate and compare costs... Very easy to spot the winner in that format; however, this will be a very close horse race as it always is... you may choose a local that is $300 more expensive, but is able to see you and hold your hand... and will recycle those wages earned locally.. Or you may choose the Bowling Alley Lender from WALAMAZOO, MI that appeared to come in the cheapest.  Only you will know and can make that choice.  For the record... the real deal LO's do not need a credit report.  You are good2go, but whittle it down to a select few anyhow as it will be confusing and some LO's will not want to be part of a cattle call, hence the Top Lenders" may not qutoe you because you got 48 already...  They will get lost in the mix.  Good luck to you.
  • June 14 2009
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Profile picture for Ray Stevens
Hello again,

If you are referring to Zillow lender's quote, don't worry, we don't have your SSN.

Your sister-in-law is correct with respect to pulling your credit multiple times (certain conditions) will lower your score.

However, just asking for GFE's will not affect your credit score.

We can use recent credit for initial review, but ultimately, most lenders want to pull their own credit.
  • June 14 2009
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