Comments on: Does applying for a mortgage loan affect your credit score?

By: stopccdebt

stopccdebt — Wed, 06 Aug 2008 13:51:25 +0000

You can have one lender or 400 lenders pull your credit score. As long as all credit pulls are by mortgage lenders and all occur within a 45 day period, they count collectively as only one inquiry. This inquiry could potentially pull your score only by 1-5 points on average.

It is in your best interest to shop around for the best rate.

By: gambit0614

gambit0614 — Mon, 04 Aug 2008 01:51:51 +0000

It does show that your credit report was accessed, but this does not really bring down the score. If a lender sees a lot of hits on your credit report they may think it is suspicious, but still does not bring down your score.

By: Always Clever!

Always Clever! — Sun, 03 Aug 2008 17:30:10 +0000

No, it doesn’t. Review the facts at You can have yoru credit pulled during your “shopping window” and your credit score is not affected. Please call me, I would be more than happy to help you find your second mortgage. I am with Countrywide Home Loans and I have been in the business for several years. You want to find a lender who knows what they are talking about.

By: Steveo

Steveo — Sat, 02 Aug 2008 07:49:16 +0000

Since you were pre-approved, you have already gotten the loan. You don’t get pre-approved unless the mortgage company thinks that you are credit worthy. You can get extensions on the loan approval.

Don’t listen to the water cooler authorities, as they don’t know Jack about anything. She is just pulling your chain.

Contact the mortgage company broker who handled your pre-approval. She will hold your hand through the whole process, as she only gets her commission after you have closed your contract (escrow) on the property.

I have gone throughout house buying several times.

Don’t worry. Just make sure that you have a loan that won’t jump in the future.

By: Ian h

Ian h — Thu, 31 Jul 2008 04:08:37 +0000

In the UK a mortgage offer in principle, which it sounds like you have, is normally valid for 90 days. Check with the lender, but you’ll find this is the norm due to fluctuating interest rates.

In terms of your credit file, every time you apply for any credit, loans, store cards, overdraft, mortgage etc etc, you leave whats called a footprint on you credit file. 1 or 2 footprints isn’t really a problem, but if a lender sees that you’ve applied for loads of credit in a short space of time, they are less likely to offer you credit.

So technically your colleague is right, but for the purposes of the mortgage, if the lender says yes today, they’re unlikely to turn you down in 4 months on the back of their own credit search.

Hope this helps.

By: Delaina77

Delaina77 — Sun, 27 Jul 2008 22:53:14 +0000

Yes. The mortgage companies will pull your reports and every time your report is pulled you can lose anywhere from 0-10 points.