I plan on refinancing and will begin contacting lenders shortly. My FICO is now 683. I plan on contacting 2 or 3 brokers. Am I exposing my report to too many inquiries possibly lowering my FICO? If so whats the magic number, if there is one, of inquiries before it affects your FICO? Should I even be concerned with this? Advise appreciated.
Mortgage inquiries within a 14 day period are "supposed" to be calculated as one only. With that said, it "shouldn't" affect you in terms of scores more than any other "one" inquiry would. The rub here is that no one truly knows what FICO will do, only what it should do . . .
Mortgage inquiries within 30 days. Auto loan inquiries within 14 days, or within 30 days under new FICO.
