In Short, Not Really
If your FICO scores change, they probably won’t change much.
Every time you have someone pull your credit, it shows up as an inquiry on your credit report. Credit cards are considered a higher risk inquiry.
However, most credit scores are not affected by multiple inquiries from mortgage lenders that happen within a short period of time. Typically, these are treated as a single inquiry and will have little impact on your credit score.
The impact from applying for credit will vary from person to person based on their unique credit profile. In general, credit inquiries have a minor impact on a customer’s credit score. For most people, one additional inquiry will take less than five points off their credit score.
Scores range from 300-850 and inquiries have a greater impact if you have few accounts or a short credit history. Large numbers of inquiries also mean greater risk.
While inquiries can play a part in assessing risk, they play a minor part. Much more important factors for your scores are how timely you pay your bills or your overall debt burden that shows up on the credit report.
Whether you’re looking to finance your first home, improve your current payment or just speak with an experienced mortgage professional, I’m here to help. See my contact details below:
Senior Vice President
SOUTHERN TRUST MORTGAGE
A Partner of Sona Bank
443-398-0266 – cell
443-574-9722 – office
888-291-7949 – Efax