does getting a home loan affect score?

Guest 0.10 Dollars($)

I've heard when you apply for a credit card, it lowers your score, does getting a home loan also affects your score and by how much?

larry · Joined: 27 Jun 2007 Posts: 2598 349.41 Dollars($)

Hi dylon,

Welcome to the forum.

Applying for mortgage does not affect your score but if you apply the mortgage to different lenders and as a result your credit report has been checked multiple times by the lenders then it will affect your credit report.

Best of luck,
Larry

banker0679 · Posted: Fri Apr 25, 2008 6:37 pm Post subject:

you're allowed to shop around for 30days from the first inquiry. it will only count as 1 credit pull.

Guest 0.10 Dollars($)

banker i've heard of soft and hard pull? can you explain how they affect and why "soft" and "hard" pull?

larry · Joined: 27 Jun 2007 Posts: 2598 349.41 Dollars($)

Hi dylon,

Welcome to the forum.

Soft pull does not affect your credit score. Soft pull often done without your knowledge. But Hard pull affects your credit. Hard pull is occurred when you give permission and it will drop your score about 5 point for 6 months.

feel free to ask if you have any further questions.

Best of luck,
Larry

banker0679 · Posted: Sat Apr 26, 2008 6:50 am Post subject:

Larry is correct

Hard pulls are when YOU give a lender/creditor permission to extend credit to you.
Soft pulls are for promotional purposes....and they dont lower your scores.

Hard pulls may drop your score btwn 3-7 points...it depends on your current score...and how often you been applying for credit in the last 2yrs

jbarto65 · Joined: 04 Nov 2007 Posts: 522 8.43 Dollars($)

And most of the time when they say that there is no credit check they actually do pull one lowering your score each time.

fireyone_02 · Joined: 20 Mar 2008 Posts: 307 60.47 Dollars($)

Had that done myself. Love all the promises they let us down on.

jbarto65 · Joined: 04 Nov 2007 Posts: 522 8.43 Dollars($)

Yeah and in the mean time, when they pull your score, they lower it, if they don't honor the credit then the inquiry should be pulled from your report so that you don't suffer a lower score and be turned down.

fireyone_02 · Joined: 20 Mar 2008 Posts: 307 60.47 Dollars($)

Unfortunately they usually do not do this but I think that is an excellent idea. No one to l;isten to it though.

jbarto65 · Joined: 04 Nov 2007 Posts: 522 8.43 Dollars($)

I did not know that you have 30 days to shop around, this is good to know. Learned something new today.

fireyone_02 · Joined: 20 Mar 2008 Posts: 307 60.47 Dollars($)

Love learning these little tidbits of info.

jbarto65 · Joined: 04 Nov 2007 Posts: 522 8.43 Dollars($)

yep, me too.

fireyone_02 · Joined: 20 Mar 2008 Posts: 307 60.47 Dollars($)

It helps Aa person out.

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