Posted on: 19th Feb, 2013 12:53 am
Hello there… My mortgage loan officer says they need to get another credit score and report from me since the current one has already expired. I have applied for a 203K loan. Will doing another check now affect my credit score and history?
It is true that your credit score may get affected due to the checking of the credit by the lender. But the scores may get lowered by very few points. After a few months time, the credit score may get back to normal. I don't think this will create much problem in getting the loan.
Inquiries made by the lender hurt your credit but not to a very large extent. To get a better idea on this, please go through this page - http://www.mortgagefit.com/credit/firsttimebuyer-pullreport.html
If you check your credit score yourself, then no. Your score only gets affected when hard inquiries are carried out. Hard inquiries happen when you apply for loans, new credit or mortgages. Usually, when a lender pulls your credit report, different lenders can keep on pulling your report without damaging your score if they do so within the allotted time. But if another lender performs a hard inquiry after the allotted time, it would already be considered as a second pull, which can negatively affect your score.
If they are going to do the credit check, then it will affect your score but only for a few points. But if they are okay with you checking your credit score and pulling your credit report yourself; then submitting the report to them; then it wouldn't affect your score and history.
Your credit score may get affected by checking your credit by the lender.
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