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There Is Much Misinformation
There is much misinformation regarding inquiries and how they effect your credit score. Many mortgage loan officers tell applicants not to have their credit pulled again as their score will immediately drop x number of points if they do. This is a technique, of course, for the loan officer to keep the applicant from shopping with other lenders. Much of the problem lies in the fact that the credit scoring bureaus do not want to give precise information as to how the scoring works. They withhold this information with good cause because they want the scores to be a true evaluation of risk, not something that can be easily manipulated. This much is known. The scoring system understands that consumers shop for credit and should not be penalized for trying to find their best situation. An applicant’s credit report can be pulled multiple times during any one 15 day period and for scoring purposes it only counts as one inquiry. Please keep this in mind when looking for a mortgage loan and understand that the lender or broker must see your credit report before they can determine what loan program is best for your situation or quote your a rate with any accuracy.
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