1st Time Buyer -
Will Several Mortgage Credit Inquiries Hurt My Score?
As a 1st Time Buyer, Will Several Mortgage Credit Inquiries Hurt My Score? The answer is a resounding "NO". One may apply for several Mortgage quotes within a specified period of time without damaging his or her credit score due to multiple inquiries.
Mortgage Credit is different to three other types of credit - Auto; Credit Cards; and, Store Charge Cards.
Logical really ... If I get a credit card, or a second credit card, or a third Credit Card, gives the option of running up my debt in an unpredictable way. The Credit Bureaus rate each of those Credit Inquiries (or Credit "pulls") as an individual "hit" on my Credit Score. Therefore, multiple Credit Card Inquiries may hurt a Credit Score.
If I ask for two or three Mortgage quotes, the Credit Bureaus register that activity as comparison shopping: a person looking at different Loan Products and Lender Options. That multiple inquiry "profile" is a positive one. Which Lender will give the best rates? Which Lender will have the lowest Closing Costs? Which Lender will offer the best product for my specific needs?
A careful review of Mortgage options indicates good financial planning.
The answer to Will Several Mortgage Credit Inquiries Hurt My Score? is that, within a certain number of weeks, several Mortgage Inquiries accumulate as ONE inquiry. Your score will be "hit" for the first one but not for the allowed others in the specified time period.
Unlike a series of Credit Card inquiries, in the end, I will only be buying one home or one condo.
A similar situation exists for Automobile Loan Inquiries done at about the same time but not for Store Charge Cards. Store Charge Card Inquiries hit one's Credit Score more than standard Charge Cards.
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