Having your credit run

[Blair Colsey]

Hi All,

Perhaps a silly question for the group but I wanted to get everyone's take on the impact of having your credit run. Obviously a big part of investing is working with different lenders and each one needs to run your credit (sometimes multiple time) in order to approve you for loans. Historically, I've always been cautious about who I let run my credit because I know having a ton of hard hits will negatively affect your score. I usually try to get as much info from each institution as possible before I let them run it so I am 99% sure I'll be approved before I give them the green light but this creates a bunch of extra work on my end. If this isn't as much of a concern as I'm making it out to be, I could just apply for loans at a bunch of different places and just see what offers come back. Does anyone else have this concern? Does everyone else just have hundreds of credit checks on their profile so it doesn't matter anymore? Any thoughts would be appreciated.

Thanks,

Blair

[Russell Brazil]

Mortgage lender credit inquiries, within a 30 day window are grouped together for scoring purposes as if they were 1 single inquiry.

Even besides that, if you have good credit....inquiries simply dont matter enough to make a difference. For people with bad credit, then the couple point drop might be meaningful.