Credit Inquiries

2 Replies

Hello team!

I am going thru a couple refinances on my rentals-- a quad and duplex in particular. I recently read somewhere, that if there are multiple hard pulls on your credit within a 2 week period, that the credit bureau only counts these pulls as 1 single ding? Just curious as I am working with different lenders on these deals.

Appreciate any insight you can provide.

Tom 

@Tom Henderson. When looking for any information regarding your credit this link for www.myfico.com usually is the best place to start.

Here is what Myfico says about credit inquiries...

Looking for a mortgage, auto or student loan may cause multiple lenders to request your credit report, even though you are only looking for one loan. To compensate for this, FICO Scores ignore mortgage, auto, and student loan inquiries made in the 30 days prior to scoring. So, if you find a loan within 30 days, the inquiries won't affect your scores while you're rate shopping. In addition, FICO Scores look on your credit report for mortgage, auto, and student loan inquiries older than 30 days. If your FICO Scores find some, your scores will consider inquiries that fall in a typical shopping period as just one inquiry. For FICO Scores calculated from older versions of the scoring formula, this shopping period is any 14 day span. For FICO Scores calculated from the newest versions of the scoring formula, this shopping period is any 45 day span. Each lender chooses which version of the FICO scoring formula it wants the credit reporting agency to use to calculate your FICO Scores.

Hope that helps!

Thanks Ashley. Totally makes sense. I appreciate the feedback here!

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