im going to be bidding on a HUD house. i recently got pre approved for 31k loan with a 10k line of credit (house needs repairs). question: i found a lender with better rates, do i risk pulling a report and having my score drop? how many points does each pull count against me? right now, my middle score is 700/ thanks
If you are mortgage or car shopping all inquiries within a short time frame count as one so it won't hurt your score at all. Good luck on the HUD, I bid on one and lost because my real estate agent told his co worker about it and what my bid was so he beat me by $50. Fired the RS agent immediately. That was beyond wrong. I reported them but Hud said there was no proof even though it was obvious. Kim
It is not a fact that multiple Mortgage and auto loan INQ do not hurt your score. If they occur on the same day you are not likely to see the same point drop you would by INQs pulled on different days, I have just seen my score affected as much as 5 points on one report for another lender pulling my credit a week later. I had to change lenders because I was not getting the service anyone should expect. However, you should be able to talk to a lender tell them what your scores are and they can give you an idea what kind of rates they will be able to give you without pulling your credit. They will not be able to pre-qualify you completely but any lender worth their salt can discuss your situation intelligently without forcing you to take the hit on your CR.
