Hard inquiries (2)

Asked by Michelle, 20707 Tue Aug 24, 2010

Thanks very much to everyone who answered my previous question on hard inquiries. They are very helpful. I still have a couple of more questions on this topic. First, how long can the credit score recover from the damage caused by a hard inquiry? And second, we have been pre-approved by our current mortgage broker. However if I wish to change to a different broker, will the new mortgage broker have to pull my credit report again for a pre-approval? or can I somehow carry over the pre-approved document to the new broker so that he/she doesn't have to make another hard inquiry? Many thanks.

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5
Dan, , Greeley, CO
Wed Aug 25, 2010
Be careful what you listen to about credit! Hard inquires will stay on your report for 2 years, they will effect your score for one year. A mortgage related pull WILL hurt your score, any time you apply for new or additional credit, that is a hard inquiry. With mortgages you have a 45 day buffer, meaning you can apply with one bank for a mortgage and then you can apply with as many banks/brokers for a mortgage as you want with in 45 days of the first pull and all of those get grouped together as one pull for score effect. The effect of that first pull effects the score 30 days later.
0 votes
Ariana Loucas, Agent, National Harbor, MD
Tue Aug 24, 2010
Hi,
Having a mortgage background, I suggest you work with a direct lender, and not brokers. Many REALTORS, as am I, are hesitant to accept pre-approvals from brokers. In other words stick with big banks like Bank of America, Wells Fargo, Chase, Suntrust... I can offer you some outstanding referrals if you're looking to move to a new lender. No matter where you go, you will need to have a new credit pull done, so I suggest talking with a few lenders asking generic questions about your moving objectives, price, payment hopes, and their programs offered before offering your social security number for a credit pull. If you'd like the contacts for any of the lenders above, or if you need a REALTOR, feel free to contact me. I'm currently offering my clients a free 1 year home warranty with their purchase. Visit my site for details or contact info
http://www.findhousesinmd.com / http://www.columbiamarylandhomefinder.com
Ariana Loucas
443 600-8000 Baltimore Metro Mobile Office
301 728-1418 DC Metro Mobile Office
0 votes
Darlene Deca…, Agent, Severna Park, MD
Tue Aug 24, 2010
New Broker, new file, they will pull your credit again. Why don't you go with a Mortgage Broker who has access to many banks. I can suggest one to you if you would like.
0 votes
Brian Pakulla, Agent, Ellicott City, MD
Tue Aug 24, 2010
I don't think the pull hurts your credit too much, but a lender is the best one to answer that. I am pretty sure that NO lender will accept another lender's pre-approval.
0 votes
Sandra Willi…, Agent, Washington, DC
Tue Aug 24, 2010
I read your first question yesterday, it is my understanding and the Sr. Loan Officer that I work with concers, inquiries made for a mortgage do not adversely affect your credit scores. Inquiries made by merchants, or opening new lines of credit or card accounts do have an adverse affect on your credit score. To answer your question, a new mortgage lender would want to pull your credit again. I'm curious as to why you're considering a change?

Good Luck!
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