Posted on: 24th Apr, 2008 12:15 am
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?
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
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
you're allowed to shop around for 30days from the first inquiry. it will only count as 1 credit pull.
banker i've heard of soft and hard pull? can you explain how they affect and why "soft" and "hard" pull?
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
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
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
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
And most of the time when they say that there is no credit check they actually do pull one lowering your score each time.
Had that done myself. Love all the promises they let us down on.
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.
Unfortunately they usually do not do this but I think that is an excellent idea. No one to l;isten to it though.