Just starting the loan process,already screwed up (home loan, approve, credit card)

[Macklessdaddy]

I was initially gonna use Navy Federal to obtain a home loan but after reading reviews about them I discovered they are terribly slow etc etc,so my realtor recommended someone(I'm sure they are all in cahoots)so I give her a call and she runs my credit but now I realize I'm in no big hurry and would probably get better rates at NFCU

Question is since she ran my credit what harm would it be to now go to NFCU and apply for a loan.Thanks for any insight

[kab0906]

Any time your credit is run it'll appear on your report. The more times, the lower your score will drop. So yes, it'll do a bit of damage but just one won't kill you.

My opinion is you should be sure of what you want to do before going forward.

[emm74]

If you have a few apps in and they all pull your credit within a short period of time, it will be fine and have minimal to no impact on your score. It's smart to comparison shop.

[SmartMoney]

Hits on your score are cumulative - meaning if you've had credit for 20+ years without late payments or collections and low revolving balances, you can tolerate far many more credit pulls than someone with a pattern of late payments, maxed out credit cards. In the first example, 3 or 4 pulls may hit the score by less than 5-10 points, where in the second example, 3 or 4 pulls can hit the score be 30 points (50 points+ if there is a simultaneous late payment).

I made the move recently to a credit union because of their aggressively low rates, minus some of the bank restrictions, as well as, a commitment to customer service. I do not work for NFCU, but my former processor is there (I am close to their headquarters in Vienna and they were my first employer as an adult). Anyway, there is a different mentality and approach to member loans. First, they are a nonprofit. So, all the earnings go into reducing your rate and fees. Second, they do prioritize purchase transactions. And third, as a member, you are an "owner" of the credit union and every effort is made to approve your loan. I am not saying there's not red tape, but they will approve loans that would never be considered elsewhere. And, you will not find a more responsive entity when you make a complaint or escalate an issue.

Your Realtor most likely fears a lack of control. It does take diligence when working with a credit union, if they send you a loan commitment, read it! Don't assume someone is going to call to review it. Take the initiative to call them with what you do not understand. Your Realtor most likely fears lack of information from the lender (lack of information about you, about the status and reassurance of your qualifications).

Do not worry about the pull. At least now you know what's there and the score. But yes, you need to figure out your direction for a purchase and at your comfort level. While I am all for Realtor referrals (I make my living from them), your Realtor should respect your choice in lenders. If she had a problem, ask her to share the experience while rembering there are two sides to every story. If she is persuading you to make her life easier, you may want to switch Realtors. If she has a example that appears to have merit, do quiz you loan officer at NFCU, read up on the web, reach out to those here that have worked with them. If you find her concerns valid, change lenders.

[Macklessdaddy]

thanks for the responses,middle score was only 710 that's why I am concerned but I will go see what NFCU can bring to the table,options are good.