House Loan-Running Credit question

Matt24 · Aug 5, 2005

I'm in the process of getting approved for a loan. one guy told me that it doesnt matter how many times you have your credit ran if its in a 45 day period from the first time it was ran if it is in regards to a house loan. Is this true or BS, because my mom says everytime it gets ran, it hurts my score, surely someone knows?? Thanks

RobFunk · Aug 5, 2005

I hope someone can provide the correct info, becuase no one wants to see the delicate poker genious matt24 get stuck

RPM · Aug 5, 2005

matt,

the system is built to identify "shopping" for the best rate. i dont believe you have 45 days, but it does only show up as 1 inquiry in regards to your score. i think its more like 2 weeks.

fwiw inquiries will only pull your scores down around 10 points if you fall into the "too many inquiries" category.

dmmd98 · Aug 5, 2005

The more times lenders look up your credit file it does lead to a lowering of your credit score. Not by a massive amount like for example if you were turned down for a loan or defaulted on one but it does effect it.