It is not a problem for your Fiance to have his credit pulled for himself to be pre-approved and then again for the two of you to qualify together if necessary. Since these are for the same mortgage pre-approval and I imagine with-in a few weeks period of time, there will be no damage to his credit.
I hope this helps. Please let me know how I can be of further assistance to you and your Fiance. I have all the resources you need to get started on your home purchase and all the experience and expertise you will want to guide you through the entire process.
Thank you for inquiring.
Laura Davis, Realtor
Life Member-Top Producer NVAR
Official Short Sale Negotiator
She is a wealth of info.
It is possible for inquiries to hurt your credit scores but only in specific situations. If you are recklessly applying for any and all types of credit, the credit scoring model recognizes that as a negative since it is perceived as the consumer is looking to just spend money they donâ€™t have so to speak. As a general rule having more than 8 inquiries in a 30 day period for different types of credit such as auto loans, department store credit, unsecure loans, charge cards etc. in a short amount of time will have a negative impact on your scores. How much? Itâ€™s really hard to determine since it depends on the many variables. If I knew exactly how the credit scoring model worked I would probably be working on the space program right now. One thing is for certain, the more limited your credit is the more impact your credit activity will have whether it be positive of negative.
Here is how inquiries will not hurt you. When you apply for only one type of credit, such as mortgage, you can have up to 7 inquiries and it is only counted as one inquiry and will typically not have any adverse effect on your credit. The credit scoring model recognizes the consumer is being fiscally responsible by shopping for the best deal on one type of credit. You are not penalized for being responsible. They say â€œdoing good is itâ€™s own rewardâ€ but when it comes to cred-it it can really pay off.
If you would like more guidance on the pre-approval process please contact me at your convenience.
Elliott R. Oliva
Envoy Mortgage, LTD.
"Se habla Espanol"
No, it won't hurt his credit to have it run multiple times. Even if you have multiple lenders pulling his and possibly your credit reports several times it won't really damage your credit. The lenders will be able to notice that you are "shopping around" for a home loan/lender and they will take that in to consideration while reviewing your credit.
Hope that helps!
Lisa Moroniak | REALTORÂ® | Service360Â°
Keller Williams Realty
Licensed in VA
The kind of thing that will lower your credit score when it comes to having your credit run repeatedly is when you do things like change cell phone carriers, sign up for Directv, take advantage of all the 10% off offers for opening a store credit card, and buying or leasing a new car, all at the same time. That could have substantial impact on your scores.
For information on how inquiries impact your credit report, check this blog post: http://therealestatewhisperer.blogspot.com/2009/10/demystify
PS Here are 3 lenders I refer my clients to, they are very good, please consider using them: http://vickychrisner.yourkwagent.com/atj/user/VendorsGetAction.do
If I can help you please don't hestitate to contact me directly: email@example.com 703-669-3142
Having just your fiance and then adding you a second time to determine the amounts you are good to finance does not affect your credit scores if done within a 30 day timeframe.
I hope this helps.
Prudential Connecticut Realty
Yes, having your credit pulled often will ding your credit score. But there's no reason why the lender should pull his credit a second time if they figure out that they will need you on the application and pull your credit.
Btw...I wrote a response to your previous question about having a Buyer's Agent and short-sales and clicked "reply" only to find out that you removed your question. It was a very good question and I would like the opportunity to chat with you about it in detail.
Real Estate Consultant/REALTOR(r)