I want to shop for mortgage rates and all of them wants to run my credit. Will it affect my credit score?

I am trying to refinance my home equity loan. Each time I try to call a lender, they all want to run my credit report which I understand because that is the only way to check my FICO, debt ratio and etc. But, won't it affect my credit score? I had 4 lenders checked my credit report already. Pls help.I want to shop for mortgage rates and all of them wants to run my credit. Will it affect my credit score?
Biggest myth of all!





You get hit one time and that is on the intial pull. You have 30 days to have your credit pull for a MORTGAGE LOAN/HOME LOAN without it effecting your credit score. My advise is stay under 10. If you had it pulled by four people call them up and ask each person one of the following: what the highest score was, what the middle score was , and what the lowest score was. Here you can determine your middle score in which lenders use. Than ask are there any derogatory accounts on my credit report and if so from where. If there is than get the phone number and account number so you can call them. If there are lates than ask for a copy. In some states you have to provide a credit report to the consumer if they had there credit pulled its a law by that individual state.





If you want a Heloc than run down to a Credit Union or Bank they have best rates with low fees.





Need additional help please email me.I want to shop for mortgage rates and all of them wants to run my credit. Will it affect my credit score?
Greetings-





You've gotten a lot of great responses and a lot of good advice.





My recommendation is to get a copy of the commercial credit report that one of them pulled (as this score can be different from the personal one.) Then use this to shop around a little (i.e., what rate can do you have for a median credit score of X?)





The loan officer can then use this as a basis for what to look for, and then when you've decided, they can run your credit through their system at that time. This will minimize your credit hits.





Good luck and best wishes.
Each time someone 'inquires' about your score by running it, it gets factored into your score.





Would you be able to give them an idea of your score ? I've done loan scenarios before with the client just giving me an approximate number, mind you that if it's lower after actually choosing a mortgage broker then it'll change the whole 'game' or loan that may be available to you.





Call me, or email me, I consult for free...





Antal


Surefast Mortgage





atoth@surefastmortgage.com
No. Typically, Fair Isaac models are smart enough to recognize you're shopping for a loan. The key is to do the shopping within a relatively short period of time (couple of weeks rather than couple of months).
A credit check will surely get your credit score down by a few points. Why don't you consolidate your debts:


The following articles might help you:





Debt Consolidation - Get Out Of Debt


http://www.askaquery.com/Answers/qn1643.鈥?/a>





How to Hire a Debt Counselor?


http://www.askaquery.com/Answers/qn1584.鈥?/a>





What is Debt Relief?


http://www.askaquery.com/Answers/qn1583.鈥?/a>





Debt Management and Building Wealth


http://www.askaquery.com/Answers/qn1581





How to lower your debts?


http://www.askaquery.com/Answers/qn1576.鈥?/a>





How to reduce debt : How to lower your expenses?


http://www.askaquery.com/Answers/qn1577.鈥?/a>
Yes it will effect your overall score. Each hit without a loan being offered is just like saying your not creditworthy. I suggest you pull your score yourself. You are allowed in some states a free one every year. Tell the lending agency you have your credit score in hand. That gives you one added leg up. Why? The best defense against an agency trying to get that extra percent, is to already know your score going into the deal. The agency can't tell you anything you don't already know. If they tell you something different, maybe you need to look elsewhere. Equifax, Experian, and Trans union are the reporting agencies. Collect all three at no expense to you Some you can order right over the phone. You can find their numbers on line.
idk?w\b asap pleaz
Whenever there is a check done on your credit, it will show up on your report. It won't affect your score, but if you have been denied, it will not look good to the institution presently doing the check.
what I suggest my clients to do is pull a copy of their own credit report. inquiring about your score will affect it depending on how many times in a certain time frame it is done. pull your own credit report fro all three bureaus and retain the copy. this way, you can have your score at hand as well as the actual report the loan officers need to look over. this way you're only checking your score once and within a months time or so you can shop it around and see what the best offer is. credit reports over 30 days will not be accepted so you have a minimal amount of time to shop around. but with your own report in hand it will cut down on time, inquiries and overall hassles. should you still not be satisfied with any of the offers you get that month, you can still use your score from it and give that to the loan officers to run their prequals. we really don't like or need to run your credit if you already have it so, like I said, would make things a lot more quicker. since all we really need is your middle score, you can just call any of the officers up and say my score is so and so , what can you do for me? real simple and takes away from dozens of officer checking your credit only to waste your time in the process. if after the 30 days are up and still don't have anything, use your score to run prequals and when you DO find one that is to your liking, then you can have them check your score again to make everything kosher.
yes it will since you are the one asking for the finances
it should NOT affect your score if you shop for rates with banks/mortgage companies within 30 days. typically, mortgage companies and banks do a ';soft'; credit score pull, which means it DOESN'T affect your score.





however, you should ask each loan officer, each time you apply: will this be a soft or hard credit pull?
This is the number one problem that most borrowers run into when looking to get a refinance..





What mortage company is best for me? Should i shop around? What will it do to my credit?





These are very common questions..and you are absolutely correct..





Every time you pull your credit, it negatively effects your score..





This is why i suggest to anyone looking for a mortage, whether it is a purchase or a refinance,


to talk with someone that has a portfolio of investors they work with. There are a couple reasons i suggest that:








1. If a loan officer can shop your loan to multiple lenders they are bound to find one or more willing tho lend to you. By looking at multiple options and programs you will be sure to find the lowest costs and rates...





2. If you on your own call multiple banks to see what you qualify for, EACH AND EVERY LENDER will HAVE to pull a seperate credit report. The more times it is pulled the worse your credit gets. Now, when you work with a loan officer that can shop among their investors, they only have to pull one credit report, and use that copy to shop mortgage lenders for you..





So not only do you keep your credit score where it is, you dont have to worry about any of the busy work..you let the loan officer do it for you..





The most important thing to realize is that I as the loan officer with multiple investors to work with, am fully willing to keep shopping to different companies to find the best program for your needs.








There are many mortgage companies out there, all having different things to offer. Fortunately for you, i can find out which one wants to lend to you at the lowesr rates and fees.





My name is Jason Fry, and I am a loan officer with Providential Bancorp, a nationwide mortgage lender. I'd be happy to assist you in a refinance, or at least be able to let you know exactly what YOU QUALIFY FOR. You can then make a more informed, and educated decision whether it would be the right move for you.





Feel free to give me a call at 312-264-6448, or


you can email me at Jasonf@providential.com.








Thank You,





Jason Fry


Providential Bancorp


312-264-6448
It shouldn't affect your credit score. They are just looking to see what your credit history looks like and if you are trustworthy enough to let you borrow more money or for refinancing. You should have anything to worry about, unless your credit is not great. Even so, there are lenders that will work with you to help you refinance your home and get you what you need. Good luck with your search.