I'm shopping for mortgage. Is numerous credit inquiriesOK?

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Hi Cliff.
I am buying my first home and I met my first mortgage banker today and she advise me that if I let other bankers to check my credit report then my score can go down each time they inquire. However you said here that "When shopping for a mortgage the window for applying is 14 days from the first inquiry".
I am relieved to know this and thank you, and I just want to know how the credit system of FICO know that there are numerous inquiries for the mortgage shopping?

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Thats a good point, even I would also love to know how that system works

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is a credit score of 621 good enough for a line of credit...I have no balance on my home as it is paid for....

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The score looks reasonably ok to me. For line of credit, it depends upon the on your creditworthiness (your income, credit rating, etc.) and the amount of your outstanding debt, etc.

demoac · Posted: Sat Jun 03, 2006 9:40 am Post subject: RE

Hi, Ricco

Now adays many people use credit lines to borrow against the equity, and even now lenders are also offering in a variety of ways. The best part is you will find most loans with variable interest rates.

But as I always say, no one loan is right for every homeowner. The key is to to contact different lenders, compare options, and select the home equity credit line best tailored to your needs. But the most important is always review the contract before you sign it.

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