I have heard that if you shop for a mortgage or an auto loan, that the inquiries during a 30 day period only count as one towards your FICO score. Does anyone know if this is true for a home equity line of credit as well? I'm still undecided whether I want to refinance or get a home equity loan and I want to shop around, but I don't want to kill our credit score. Thanks so much!
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This is from the Fair Isaac booklet on "Understanding Your Credit Score" "The score looks for Rate Shopping" Looking for a mortgage or an auto loan may cause multiple lenders to request your credit report, even though you're only looking for one loan. To compensate for this, the score counts multiple inquiries in any 14-day period as just one inquiry. In addition, the score ignores all inquiries made in the 30 days prior to scoring. So if you find a loan within 30 days, the inquiries won't affect your score while you're rate shopping." Hope this helps.
