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Old 08-24-2008, 11:09 PM
 
1,989 posts, read 3,851,149 times
Reputation: 1379

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We're on a relo plan. Since there's been talk of interest rates only getting higher, we've taken advantage of the free rate locks twice now, in case we find something within 90 days while rates creep up.

Today, I checked my TransUnion report and saw the inquiries from the relo company listed-- NOT under the area that says "this won't effect your credit score."

If they check our credit every time we rate lock, are they pushing the FICO down?

THANKS!
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Old 08-25-2008, 09:12 AM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,122,831 times
Reputation: 1008
They normally pull your credit before they issue you a preapproval.

Credit reports maybe valid for around 90 days with some lenders, and they may have to repull within the 90 day mark.

BTW - Why would you think they wouldn't be a hard inquiry? (Hard inquiries affect your credit score)

Quote:
Originally Posted by cohdane View Post
We're on a relo plan. Since there's been talk of interest rates only getting higher, we've taken advantage of the free rate locks twice now, in case we find something within 90 days while rates creep up.

Today, I checked my TransUnion report and saw the inquiries from the relo company listed-- NOT under the area that says "this won't effect your credit score."

If they check our credit every time we rate lock, are they pushing the FICO down?

THANKS!
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Old 08-25-2008, 07:36 PM
 
Location: Plano, Texas
1,676 posts, read 6,350,355 times
Reputation: 684
In my opinion, rates will be dropping not rising. Interest rates on mortgages basically follow inflation. If inflation is on the rise, rates will increase. Rates where the lowest this year in January and since have increased but they have been coming back down a little. Main reason for this is the fed's feel inflation will moderate but more importantly, investors who buy mortgage backed securites feel inflation is moderating. Oil peaked in mid july and since then has dropped from $147 to 114 a barrell and not only that all commodities have been dropping including sugar, wheat, soy bean, etc... This is just my opinion and i could be wrong.
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Old 08-25-2008, 09:07 PM
 
1,989 posts, read 3,851,149 times
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Quote:
Originally Posted by renriq02 View Post
BTW - Why would you think they wouldn't be a hard inquiry? (Hard inquiries affect your credit score)
We asked the relo company whether it would effect our score and they said it wouldn't. That's why I was surprised to see it show up on my credit report.

So, does it effect the FICO? We don't want to do another premature lock if it does.
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Old 08-25-2008, 09:09 PM
 
1,989 posts, read 3,851,149 times
Reputation: 1379
Quote:
Originally Posted by VictorBurek View Post
In my opinion, rates will be dropping not rising. Interest rates on mortgages basically follow inflation. If inflation is on the rise, rates will increase. Rates where the lowest this year in January and since have increased but they have been coming back down a little. Main reason for this is the fed's feel inflation will moderate but more importantly, investors who buy mortgage backed securites feel inflation is moderating. Oil peaked in mid july and since then has dropped from $147 to 114 a barrell and not only that all commodities have been dropping including sugar, wheat, soy bean, etc... This is just my opinion and i could be wrong.
Hasn't this been quite a mechanical bull ride!!

Thanks for the insight. But especially for the "just my opinion" part. So few people say that these days, it actually lent credibility to everything you said before it.

I'll do a bit more research based on your thoughts.

The economy is in Bizarro World.
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