Credit Inquiries and Your Credit Score

Always good to know these details.  I had a buyer once who went to 11 different lenders, her credit was marginal. She dinged herself into a higher interest rate.

Kathy, very informative post on a subject fraught will mis-information.  Some lenders tell prospective borrowers to not have multiple credit inquiries.  Perhaps it's to limit a buyer's lender search.

Kathy, it is very important for border line buyers not to go out and  shop for mortgage rates with many differnet lenders. Good post and also bookmarked for couple of my buyers.

This is important for buyers to know: As long as these credit inquiries are made within a 30 day time frame it will count as only one inquiry.  

I had been told something similar to this only at that time I was told the inquiries had to be within 10 days and if they reported later it could be outside the time frame making it look like a second set of inquiries.

I think the "fable" that calling more than one lender for a mortgage would hurt credit was started by an insecure loan officer....now a myth disspelled by many.

Thank you for the information. I will bookmark this and share it with others.

Kathy, good information. Many people don't know the impact opening accounts can have on their credit. Good info about the 30 day period for speaking with lenders.

This seems to be one of the least understood aspects of credit... well written, easy to understand post.

Thanks for the tip about what happens during a 30 day period counts as one inquiry...for home or cars!

I tell my buyers to sit tight for 30 days until we close the deal before applying for more credit.

I never liked the system and personally wont use it again...but for those that do, you must learn the rules of engagement...good post

Kathy, really all you need is just one lender to pull your credit score and then you can shop around with other lenders just stating your score, no need for multiple pulling.

Thanks for the post.  Great reminder.  I get this question more often than I care to remember from clients.

Amen Kathy we have known some haven't we !!! I tell every one buy nothing between now and the closing

Thanks for the post, I have heard this more than once.

Thanks for the post.  In the old days, one could get dinged for multiple inquiries.  Now, they've worked that out of the system.  I think a car loan inquiry and a home loan may impact your score however, done at the same time.

Hi Kathy, great information and excellent post!  It is amazing all of the things that now need to be considered when reviewing credit especially telling buyers that have been approved NOT to purchase any furniture or appliances before moving into the new house!