Everyone also has the ability to get all 3 of their credit reports for free once every 12 months by visiting http://www.annualcreditreport.com. Don't confuse this site with the ones that advertise on TV. While the reports themselves are free, you do have to purchase your scores. I've found that if you purchase each score individually on your initial visit you will get the lowest price per score. They can range from $6 to $12 (it's been about a year since I did this for myself, so I don't recall exactly).
Once you have all three credit reports, review them for mistakes. If you've never done this before it can be pretty surprising what you'll find. One of the 3 I pulled my first time around a number of years ago said I owed a substantial amount of money for medical bills in the state of Texas. I did live in Dallas for one year, but never visited a doctor or hospital and obviously knew it was a mistake. It was a simple matter of using the online dispute form and it was taken off my report and that credit score shot up to where it belonged. I also corrected a number of other mistakes including aliases of my name which I've never used.
This exercise is a MUST if you are about to start shopping for a loan. There is a good chance you will be able to raie your score, and higher credit scores get lower interest rates so it can save you a ton of money. Good luck!!!
My understanding is a "hard inquiry" stays on your record for 2 years. It is also my understanding that this does negatively affect your credit score to a limited extent. The extent of the damage in my opinion is minor, but we can never really know for sure how minor. I believe the impact depends on how many hard inquiries you have in the past 2 years. A "hard inquiry" would include car dealerships, credit card companies, and lenders pulling your credit.
A "soft inquiry" on the other would be when you pull your own credit score for your own personal knowledge from an online source, for example. My understanding is that this doesn't affect your credit score at all, and can be done as many times as you would like.
Hope that helps.
You can and should run your own credit report once a year.
Kawain Payne, Realtor
We can do: FHA, Conventional, USDA, VA, HARP, Interest Only, Home Equity, Fixed, and Variable. Find out which product is right for you by calling Brad at (855) 415-5626.
Sr. Loan Officer
Crosscountry Mortgage Inc.
Toll Free: (855) 415-5626 ext. 5734
There are laws to protect you while you shop. One of which is call the FCRA. This Fair Credit Reporting Act can protect you while you shop around for the SAME TYPE OF CREDIT. Hope this helped.
Ask the same questions. What kind of fees do you have, ( ask them to give you a breakdown so there are no hidden fees) what kind of loan programs do you have, what are their rates today, and ask them how long do they need for a loan contingency when you get into contract. This is very important when negotiating a purchase contract because sometimes you can get your offer accepted when you are not the highest offer because you have better terms.
This is an easy process that can be done in 3 phone calls. Once you have the information and decide who to work with, then have that person run your credit.
NOTE, interest rates change 3-4 times a day so you will not be able to lock in your rate, but you will be able to get an idea who has better loan that fits your needs.
Feel free to write with any questions.
Coldwell Banker http://www.DavidTapper.com http://www.TeamTapper.com
Happy funding, Rudi
This can be a complicated answer. Normally, many different companies pulling your credit can negatively impact your score. However, from my understanding, when you are pulling your credit through an approved credit reporting agency used for shopping home loans, the FICO system has a way of determining what type of inquiry it should report; therefore, when you pull credit a few times, it may not negatively impact your score.
However, I recommend that if you are pulling your credit report multiple times and shopping for a home loan, have the loan officer that initially pulled your credit report send you a copy of that tri-merged credit report. That report is accurate for up to three months for a pre-approval and that should be sufficient for any loan officer to use to determine a pre-approval status.
First Capital Mortgage
Direct: (310) 434-1718