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Bkj Group,  in New York, NY

If you apply for financing with different leders is there a way to avoid each of them pulling your credit and just have your credit pulled once?

Asked by Bkj Group, New York, NY Sat Jul 16, 2011

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Trevor Curran’s answer
When shopping for a mortgage you need to be thoroughly prequalified. This prequalification includes a credit report. Mortgage professionals must use the credit report pulled by their company, not a report from an outside source.

Often, clients believe that “too many inquiries” on their credit reports will lower their credit scores. This is basically UNTRUE when it comes to shopping for a mortgage.

I went to the source to verify this information: Fair Isaac which is the company that created and continues to upgrade and maintain the credit scoring systems. Their website clearly indicates that mortgage inquiries do not affect a credit score.

And I quote: “Does the formula treat all credit inquiries the same?
No. Research has indicated that the FICO score is more predictive when it treats loans that commonly involve rate-shopping, such as mortgage, auto and student loans, in a different way. For these types of loans, the FICO score ignores inquiries made in the 30 days prior to scoring. So, if you find a loan within 30 days, the inquiries won’t affect your score while you’re rate shopping. In addition, the score looks on your credit report for rate-shopping inquiries older than 30 days. If it finds some, it counts those inquiries that fall in a typical shopping period as just one inquiry when determining your score.”

You can read this and more great information about credit scores on their website:

Trevor Curran NMLS #40140
2 votes Thank Flag Link Fri Nov 4, 2011
Typically no. Each lender has to pull their own credit.

Thankfully, if you are pulling multiples for a home search, the credit reporting companies won't penalize you because they know you are shopping around. But if you start pulling for a home, then a car, then a furniture store, etc. Then you will get penalized and your score comes down.

Jennifer Chiongbian
SVP/ Associate Broker
Rutenberg Realty NYC
1 vote Thank Flag Link Sat Jul 16, 2011
I have had many buyers ask me the same question over the years. Every single one of the lenders I reguarly work with have assured me that when they pull a credit score it is a "soft-touch" and that the credit rating agencies realize that the consumer is shopping for mortgages and they do not lower thier scores. Your clients fears are unfounded.
0 votes Thank Flag Link Fri Nov 4, 2011
Use "" to get your free credit report. It will not score your loan, but if you don't have any late payments, public records or collection accounts you should be ok.
Every lender that considers offering you a loan must run your credit. Under current guidelines, they cannot quote a rate until your scores are in their system. Yes, multiple credit inquiries will not impact your scores.
What you really need is a pre-approval from a lender. Scores are only one factor in determining the program(s) you may qualify.
Good luck,
Chris L. Christie, CMPS
0 votes Thank Flag Link Mon Jul 18, 2011
Use a mortgage broker; he or she pulls your credit reports once and in the next 30 days can use the same credit reports with multiple lenders in searching for your best deal; also if a lender backs out, the mortgage broker can switch you to another lender without pulling another credit report and without any additional application fee.
0 votes Thank Flag Link Sun Jul 17, 2011
Hi Bkj, Melissa and Suzanne are right, if you have already run your credit report through a broker already( paid for it) you certainly can get a copy- check out if all is accurate and by all mean use those numbers on the report when shopping around. It does affect your credit scores, not by much-but if you multiply that-may effect the interest rate you will be able to get-especially if you are borderline. Why should you keep paying?? some will do it for nothing but will still be reported. No one is allowed to pull your credit report without your consent-in writing. Terry K 718-614-3167 cell or email me
0 votes Thank Flag Link Sat Jul 16, 2011
You can always get your own credit report with the scores, (which is a good idea anyway so that you can check for errors) and provide a copy to the lenders. Tell them that once you choose which company to go with you will allow that company to run your credit on their own, which they will have to do anyway. Be careful not to make any major purchases or to miss any payments in the mean time.
0 votes Thank Flag Link Sat Jul 16, 2011
I advise my buyers when they are shopping around for a lender, to advise the lender not to pull their credit report again and to tell them what their credit score was and the company it was pulled from. Based on that verbal information, a lender can typically give my buyer a reasonable idea of rate and closing fees. Their credit report will be pulled if they decide to proceed further with that lender. In addition, there is a time frame within which that your credit score will not be affected if you have reports pulled by multiple mortgage lenders during that time.
Web Reference:
0 votes Thank Flag Link Sat Jul 16, 2011

Each will pull your credit.

Remember, though, that credit pulled within a specific time frame (it may be 30 days) for the same purpose only counts as one hit. It's the same as if you were buying a car or other large item.

Further, each "pull" only has a minimal effect on your credit. So: One pull, minimal effect.

Hope that helps.
0 votes Thank Flag Link Sat Jul 16, 2011
Don Tepper, Real Estate Pro in Burke, VA
You can discuss your financial situation with several lenders to get an idea of what you would be pre-approved for but in order to get an official pre-approval letter they would need to pull your credit report.

Good luck and if you need any assistance with your search I would be happy to assist!

0 votes Thank Flag Link Sat Jul 16, 2011
give them a copy of want a tri-merged credit analysis, or a copy of all three credit agencies....but if they are all pulling within a 30 day time frame for the same purpose i have been told it does not affect the credit score as it used to.…

0 votes Thank Flag Link Sat Jul 16, 2011
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