Financing in Cudahy>Question Details

Sue, Home Buyer in Perris, CA

if your credit is done everytime you put an offer on a property does this affect your fico score?

Asked by Sue, Perris, CA Wed Nov 19, 2008

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You should get pre-approved by a lender and provide the pre-approval letter with your offer.
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0 votes Thank Flag Link Wed Nov 19, 2008
Cindi Hagley,…, Real Estate Pro in San Ramon, CA
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Hello Sue. What does your real estate agent say? Your agent should have your best interest at heart and should also be advising you. I have an officein South Gate. Please contact me and I can guide you in the right direction. Do not allow anyone to continue running your credit.

Good Luck!!
Dyanna
0 votes Thank Flag Link Wed Nov 19, 2008
Your credit should NOT BE PULLED with every offer, the lender approval letter is valid for approx. 60 days. If a mortgage broker is pulling credit everytime I would search for another loan officer. UNLESS you are waiting past 60 days standard period of practice THEN YES your credit would need to be pulled reissue another statement.
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0 votes Thank Flag Link Wed Nov 19, 2008
Hi Sue,
Your credit report is most definitely not run every time you put an offer on a property. For example, if you apply for a loan with one bank of broker, then go out and make 10 offers, you would typically only have one credit report run. Also please know that now if you shop around and have multiple lenders pull your credit within a small window of time, your score won't drop from the multiple reports being run.

With respect to how running multiple credit reports would affect your FICO score, here is a good free booklet put out by Fair Isaac (creaters of FICO). Page 15 talks about inquiries: http://www.myfico.com/Downloads/Files/myFICO_UYFS_Booklet.pdf

I hope that helps.

Anthony
0 votes Thank Flag Link Wed Nov 19, 2008
Yes! If you are making offers within a 30 day period there should be no reason for you to keep having your score checked. Choose a reputable lender with competitve rates, ask for a good faith estimate and a pre-approval letter. This letter is what is used in my area for a proposal to purchase/written offer.
0 votes Thank Flag Link Wed Nov 19, 2008
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