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The Running of the Credit
The Running of the Credit
 
I have never been to Pamplona, Spain, and I've never run with the bulls, but I have known two individuals who did.  One came back with some fascinating stories about the experience and the other one, tragically, did not.  We're not going to dwell on either of them here, but instead discuss the fear that many have when they go to apply for a home loan.  Long has the myth been propagated that simply by having a mortgage lender pull credit, a borrower will see his pristine, 800+ FICO scores trampled into the 500-range by the mere making of a credit inquiry.  Instead of mustering the machismo of the ghost of Hemingway, they look on from the Basque balconies, afraid to test the cobblestone alleyways of pre-approval because they believe that simply by having a lender make a "hard pull" on their credit, they will be forever condemned to usurious credit terms.
 
Chill out.  Have another kalimotxo...
 
When a home loan applicant completes a pre-approval and a mortgage originator (like Guaranteed Rate) pulls credit, we are running a residential mortgage credit report (RMCR) and we are accessing a credit history and credit score from all three repositories; Equifax, Experian ... more

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