Impact of too many mortgage credit pull - Any solutions?

Question

Got a few mortgages, and looking into more. However, every-time during mortgage there is a hard credit pull and 5 point impact. So when I am looking into 5-6 mortgage this year, that will send my credit score down significantly. Anybody figured out work around this issue? Do any lender reuse credit ratings, over multiple loans? Or, are there portfolio lenders who don't do a credit pull.

Any suggestions?

Account Closed · Answer

It is so silly that one's credit score goes down when a report is pulled. What's the logic behind this ridiculous practice?! The score should reflect what amount and type of debt actually *IS* on a person's file, not what they might, could, or are thinking of getting!!! /rant

Stephanie Medellin · Answer

@Rudy Manna  There really is no way around having your credit pulled for each loan application, unless you go with the same lender and you apply for the loans simultaneously or within a month or so of each other.  A credit report is only valid for so long before a new one needs to be pulled.  Your balances and payment history should be as current as possible.

Scores go up and scores go down.  It's not a permanent 5 point reduction.  While I can't claim to know exactly how the scoring models work, I do know that repulling credit a few months later does not always result in a lower score.

Impact of too many mortgage credit pull - Any solutions?

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