Home Buying in 19111>Question Details

Paul Vu, Home Buyer in Philadelphia, PA

Does shopping around with different lenders affect your credit score? I heard that you are are allowed 2

Asked by Paul Vu, Philadelphia, PA Wed Jun 3, 2009

credit inquiries in 30 days without having any impact on your credit score, is this true?

Help the community by answering this question:


Inquires are on your credit for two years. Usually anything over 3 can lower your score. My advise is find an agent who has done multiple deals with lenders that hve the same type of scenario you do!!
0 votes Thank Flag Link Thu Feb 26, 2015
Yes... From our 17 years of experience ...we have discovered our Buyers getting their FICO scores blemished by too many prospect Mtg Companies running the Buyers credit over each time the Buyer shops for a GOOD Lending Company.

We advise our clients that when contacting various lending companies... instruct the lender NOT to run the Credit until the Buyer gives the OK.
If there are too many inquires showing up on the 3 Major Credit reporting Companies (Trans Union, Experian + Equifax) than the Buyers FICO scores are reduced because of too much shopping.

We also Advise our clients that if they want One Lending Co. to run their credit than the Buyer should Ask for a copy of their reports and the buyer may choose to deliver their copied report to other Lending Co's and this will keep the Buyer FICO scores unaffected buy too many inquiries.

We Hope this will help you in the Mtg Process.

We can also help you in your Home Purchase too!

All the Best John Curci http://www.HomeCatch.com 215-757-2889
0 votes Thank Flag Link Sat Mar 17, 2012
There are many theories going around about this but yes you are allowed to shop around for a mortgage with out it negativley effecting you. If I were you I would let one lender pull your credit and ask for a copy of the report to give to your other brokers/lenders to get a good faith estimate from all 3. Then who ever who choose to go with will pull your credit a second time. Good Luck and if I could be of any service with a rate quote please feel free to give me a call
Melissa Antenucci
Ameritrust Mortgage Associates, LLC
Philly Office 267-479-0260
Boca Office 561-417-9221
0 votes Thank Flag Link Sun Jun 14, 2009
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