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How mortgage shopping affects your credit score

By
Real Estate Broker/Owner with ILM Realty

The short answer is that it doesn't affect it too much. When looking for a mortgage or auto loan, credit score treats all inquiries made in any 14 day period as a single query.

Another point worth noting is that credit scores do not factor in inquiries for these types of loans if they have been made within 30 days of the credit score calculation. Therefore, if you find your mortgage or auto loan within 30 days, your credit scores which the lender uses to review your application will not be affected at all.

Hope this helps!

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Comments(5)

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Christopher Watters
Watters International Realty - Austin, TX
Austin Realtor (512-829-8000)
Great Post! I always get this questions from potential buyers..
Apr 23, 2008 04:06 PM
Jean Powers
Kane & Associates call 510.908.9002 - Alameda, CA
CRS,e-PRO,HAFA,SFR Broker, Northern California
Stacey, thank you for the info,I will pass it along to others
Apr 23, 2008 04:06 PM
Bob Cosby
One Source Realty - Shaw AFB, SC

Stacey,

I'm being told that every time you hit (for a mortgage) your credit score it decreases by about 7 points each time and thanks for the info.

Vr,

Bob

Apr 23, 2008 04:14 PM
Ronell Moore
180 Degree Floors - Nashville, TN
Transforming your Flooring into a work of Art.
Great post it is quick, informative and straigt to the point. Thanks for taking time out to post this information.
Apr 23, 2008 06:11 PM
Marchel Peterson
Results Realty - Spring, TX
Spring TX Real Estate E-Pro
Good information!  I did not realize that.
Apr 24, 2008 04:09 PM