Financing in Lees Summit>Question Details

Linz_s02, Home Buyer in Lees Summit, MO

how does pulling credit affect credit report?

Asked by Linz_s02, Lees Summit, MO Fri Jul 24, 2009

I was told by a realtor that as long as you pull your report only once every 6 months that it won't hurt your report. Is it maybe that you can pull it, it will drop your score, but after those 6 months are up and as long as you haven't taken out any loans, that your score will go back up? we are scheduled to meet with a lender tonight... We really just need to meet with someone to tell us if we will qualify when we are looking to buy in 2010 and also if there is anything we need to do to get ready to buy a home.

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Although the scores you get when you pull your own credit are not the same that a lender will get, and good loan officer should be able to use it as a guide for qualifying you for a purchase that far in the future. Although it is true that guidelines change all the time, and as I say, last year is ancient history, and yesterday is already old news in this business, it would be good to see if you have clean credit, how much debt you have, and if there is anything that needs to be fixed. If, for example, you have requested your own credit score, and it is 780, you can be relatively certain you will be OK. If you are in the low 600's or below, then you need to do something. Anywhere in between is anyone's guess where you will be. Every "expert' says something different about how many points your score is lowered every time someone pulls your credit, it could be anywhere from 2 to 5 or 10 points. It will start to rise again each month and will most likely be back up again in 6 months, so it is not a big deal. I hope the lender will be honest enough with you to tell you exactly what I have, and save you any possible issues, even if it is a letter of explanation about credit inquiries when it is time to buy.
0 votes Thank Flag Link Fri Jul 24, 2009
If you are not looking to purchase in 2010 way go thru all these steps lending coullllddddd change between now and 2010

However I have do credit repair consultanting, owned a successful credit repair company, lectured to 1000's it does not matter if you take a loan or not your credit scores were pulled it will drop scores approx. 5 -10 points per pull.

I instruct anyone don't ever allow anyone pull credit till you are ready to purchase anything from a car, home and etc.

EVEN WITH MY personal purchases from real estate , to cars I have standards when my scores can be pulled,

NOW you can talk general terms if you have a estimate what your scores are.

Scores naturally increase daily when you pay your bills on time, reduce your debt ration by at least 50% or more never close an account.

National Featured Realtor and Consultant, Mortgage Loan Officer, Credit Repair Lecturer
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Lynn911
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0 votes Thank Flag Link Fri Jul 24, 2009
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