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Trulia Miami…, Other/Just Looking in Miami Beach, FL

What's the grace period duration for checking my credit score many times during lenders selection?

Asked by Trulia Miami Beach, Miami Beach, FL Thu Nov 1, 2012

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James McCloskey’s answer
Dear Miami Beach:

According to myfico.com " the score ignores mortgage...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... {However,] [f]or FICO scores calculated from older versions of the scoring formula, this shopping period is any 14 day span. For FICO scores calculated from the newest versions of the scoring formula, this shopping period is any 45 day span. Each lender chooses which version of the FICO scoring formula it wants the credit reporting agency to use to calculate your FICO score."

Personally, I obtain my credit from all three bureaus when rate shopping. I advise the lender of my credit scores, debt and income. I then ask for a copy of the good faith estimate so I am comparing apples to apples.

Although this approach does not lead to a pre-approval letter, it allows you to rate shop without lowering your credit score due to multiple inquiries.

If you would like a mortgage broker recommendation, please call me.

Regards,

James McCloskey LLC Realtor
Beachfront Realty Inc.
305-209-2929
http://www.micondosucondo.com
2 votes Thank Flag Link Thu Nov 1, 2012
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