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Old 11-27-2007, 07:09 AM
 
60 posts, read 203,984 times
Reputation: 33

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Do they pull your credit report everytime they do a pre approval letter. Is there a way to work around them pulling your credit report everytime? Does it hurt? My wife and I are both at 700 and I don't want to go below that shopping for a better offer. I would like to get at least 3 offers, and kind of use that to my advantage?
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Old 11-27-2007, 07:38 AM
 
Location: Originally from Cali relocated to Inman Park/Old 4th Ward/Westside Atlanta
987 posts, read 3,597,910 times
Reputation: 350
You should be fine if your both over 700 regardless of how many times a Mortgage Company pulls your credit. I know it slightly reduces your scores by them pulling it but it's not looked on in a negative way. Try to limit soliciting offers from Mortgage Companies to only 3 solid companies. Mortgage companies pull your credit every time you get a pre-approval/pre-qualification.
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Old 11-27-2007, 08:01 AM
 
7 posts, read 28,482 times
Reputation: 13
Quote:
Originally Posted by ronald.vincent View Post
Do they pull your credit report everytime they do a pre approval letter. Is there a way to work around them pulling your credit report everytime? Does it hurt? My wife and I are both at 700 and I don't want to go below that shopping for a better offer. I would like to get at least 3 offers, and kind of use that to my advantage?
Yes, they do pull your credit report every time they do a pre-approval. However, as long as you get ALL of your pre-approvals done WITHIN a 2-week span they should only count as 1 inquiry by the credit bureaus when reducing your score. So you will be fine.

I would also recommend that you first request a "pre-qualification" based on your known scores from the companies you're considering and then let the one with the best "guess-timated" rate hit your credit report first for the pre-approval letter with the others to follow. Pre-qualifications do not require any pulling of your credit report whereas a pre-approval does.
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Old 11-27-2007, 09:18 PM
 
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,248 posts, read 22,271,327 times
Reputation: 3587
I was told that if a mortgage company pulls your credit even 100 times in a 30 day period, it will only count as 1 inquiry on your FICO score. And you should shop for the best deal you can get.
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Old 04-30-2009, 09:58 AM
 
24 posts, read 108,620 times
Reputation: 14
Quote:
Originally Posted by KevK View Post
I was told that if a mortgage company pulls your credit even 100 times in a 30 day period, it will only count as 1 inquiry on your FICO score. And you should shop for the best deal you can get.

Today, I get the first pre-qual/approval letter. And I only requested for the amount that I think I will need for the property. Here are my questions:

1. Should I max out the amount possible, rather than just the amount I think I want?

2. What do you mean "the best deal I can get"? Do you mean the lowest rate possible and/or the highest loan amount possible?

Thanks.
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Old 05-02-2009, 10:10 PM
 
2,685 posts, read 5,389,652 times
Reputation: 945
When you find a house and decide to submit an offer you'll want to have your lender/broker write a pre-approval letter for the actual amount you are making the offer for and include it in your offer. I am sure your realtor will assist with this.

Quote:
Originally Posted by dpmp View Post
Today, I get the first pre-qual/approval letter. And I only requested for the amount that I think I will need for the property. Here are my questions:

1. Should I max out the amount possible, rather than just the amount I think I want?

2. What do you mean "the best deal I can get"? Do you mean the lowest rate possible and/or the highest loan amount possible?

Thanks.
Rate this post positively Reply With Quote Quick reply to this message
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