QuickenLoans : Multiple Credit checks?? (apartment, mortgage, credit report)

[jcapp]

Hi,

yesterday I called up a QuickenLoans associate to find out my pre-approval amount.
the lady ran the credit check on me and my wife and gave some amount info.

However the lady was not pro-active and not provide definite answers to my questions

My query here is :
1) If I approach another Mortgage agent, and he runs my/wifes credit check, will it cause more
points cuts from my credit history??

2) when i asked the lady to give me a copy of my credit report, she denied, saying she cant email
the report for reasons of confidentiality (is that true?)

[annerk]

One mortgage inquiry shouldn't cause your score to drop, but it will cause Quicken to question the inquiry and slow down the process. I don't remember the legality of providing a copy of a credit report, you can get one for free from the three major agencies.

[jcapp]

Hi annerk,

being more precise abt my question, if i approcah 2 or 3 mortgage agents in a matter of a week,
and they run credit checks, will those be treated as multiple checks and multiple credit points down, or a single check, since my guess is the credit check is for mortgage purposes?

[annerk]

As long as they all show as an inquiry for a mortgage you'll be OK as it will show for a single acquisition. The problem is that in reality, it doesn't always work that way. There's really no reason to allow several companies run your credit. If two companies come back with more or less the same terms, they will all be in the same ballpark.

[timneh5]

Originally Posted by jcapp

Hi annerk,

being more precise abt my question, if i approcah 2 or 3 mortgage agents in a matter of a week,
and they run credit checks, will those be treated as multiple checks and multiple credit points down, or a single check, since my guess is the credit check is for mortgage purposes?

Someone correct me if I'm wrong, but don't you have to give them permission to run credit checks on you? If you don't, they can't do it. When I was looking for rates, I was always asked permission to run a credit check and I always said no (unless I was interested in using that particular institution).

[annerk]

Originally Posted by timneh5

Someone correct me if I'm wrong, but don't you have to give them permission to run credit checks on you? If you don't, they can't do it. When I was looking for rates, I was always asked permission to run a credit check and I always said no (unless I was interested in using that particular institution).

You are correct. If you don't give them your social and permission, they can't run an inquiry. Some places will accept a verbal OK, others want a signed form faxed or emailed back to them.

[timneh5]

Originally Posted by jcapp

Hi,

yesterday I called up a QuickenLoans associate to find out my pre-approval amount.
the lady ran the credit check on me and my wife and gave some amount info.

However the lady was not pro-active and not provide definite answers to my questions

My query here is :
1) If I approach another Mortgage agent, and he runs my/wifes credit check, will it cause more
points cuts from my credit history??

2) when i asked the lady to give me a copy of my credit report, she denied, saying she cant email
the report for reasons of confidentiality (is that true?)

How credit inquiries affect credit score
"Applying for a loan or credit card can result in a hard inquiry, but applications not tied to a form of credit can result in a hard inquiry as well. A credit check for a new mobile phone or apartment, for example, can also generate a hard pull on your credit report."

How To Keep Your Credit Score High While Shopping For A Mortgage
"When shopping lenders and taking credit checks, you're going to lower your credit score. It's how the system works. However, there's a right way and wrong way to move forward"

[jcapp]

the thing abt QuickenLoans is that they dont give you a general pre-approval letter stating the max amount you can lend.

they said to give letter based on a particular house you enter into contract/or are planning to see.

my take - they are neither flexible nor entertaining. so i want to go with another mortgage agent, but fear it may cause another credit check

[jcapp]

Thanks timneh5 for the links. they are helpful!!

[annerk]

So get a letter based on a house at the high end of what you are looking at spending and go from there. When I was selling my house I had a couple with a pre-approval letter for a different property that was $30,000 higher. Of course I accepted it at face value.