Real estate blog entries tagged with credit pull by Rob Spinosa, Mortgage Loan Originator, Marin County (US Bank)

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credit pull: Does Shopping for a Mortgage Hurt Your Credit? - 12/22/22 08:32 AM

Does Shopping for a Mortgage Hurt Your Credit?

Everybody who makes the leap into buying a home, especially first-time homebuyers, and even those who already own a home and are looking to improve their mortgage must eventually confront the pre-approval process. That means a mortgage application and a credit inquiry, also known as a hard credit pull.

Would it surprise you to know that this is a MAJOR stopping point for some? Even before they really even started. And the reason is because many have become conditioned to think that even a single credit inquiry will send their perfect FICO scores into a … (3 comments)

credit pull: Just Don't Pull My Credit - 10/18/18 07:38 AM

Just Don't Pull My Credit

This is going to be brief. Why? Because the concept is very simple: For most, making a credit inquiry when getting a mortgage pre-approval will not hurt their FICO score. If you:

A) Pay your bills on time,
B) Maintain a fairly low balance to limit on your credit cards, and,
C) Have developed a credit history over several years, then most likely,

D) Having a lender pull your credit score in order to assist you with getting the best mortgage terms is not going to be detrimental. In fact, it may be one of the smartest financial choices you make.

There is … (4 comments)

credit pull: The Running of the Credit - 09/17/18 09:02 PM

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 … (15 comments)

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