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Answers (3)
- Andrew Adams, "203K Specialist"
- Contributions:9349
This is an old article but it does explain credit scores...
Don't work with the lender that told you that because they don't know what they are talking about!
- Habs11
- Contributions:11
my understanding is a credit inquiry does not have a material impact on your score - if your full credit report was pulled contact each and aget a copy - they are yours afterall - i'm sure they made you pay to have them pulled. then look each over. you will notice many inquiries that have no impact (generic solicitation type stuff). in the end it's good to know just what in on the report - if you have never seen it you'll be surprised.
- Clay Branch, "Georgia Loans"
- Contributions:7839
How far apart were the inquiries from the 1st to the last? If only a couple of weeks, it was not the credit pulls, it was probably a balance on a credit card. Get a copy of the 1st report and the last, compare side by side for differences. Lenders cant " dock " anyone 10-15 points. At most it would be 2-3 points and if all pulled in 2 weeks with no changes to report, the inquiries should have been treated as 1. Where you also applying for credit cards or cars in the same time frame?
Why did my Credit-Score "decrease" when I shopped for a mortgage?
I shopped with four lenders - all of whom get a share of my overall business - and by the time I got to the last (4th) lender my credit score had DECREASED from 758 to 718.
That lender told me that each previous lender had "docked" me aproximately 10-15 points simply for "inquiring".
If this is true....why?....how long does it take for my score to go back up?
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