Question by onemutualman:
how many points does your credit score drop when their is an inquiry into it for home purchase?
Best answer:
Answer by Rodney
Anyone that answers this question with a number is incorrect. Your credit report is unique to you and you only. It is like a fingerprint. There are many things that affect your score and it would be impossible to tell you what affect an inquiry would have on your score.
The best thing to ask when comparing loan programs with several different companies is to find out what credit reporting system the companies are on. There are three different versions: 98, classic, and 04 system
The 98 system allows you a 14 day window to have inquiries w/o affecting your score multiple times
The Classic system allows you 30 days and the 04 system allows you 40 days to pull your report with multiple companies without dropping your score each time.
A very important thing to keep in mind is that whenever you have an inquiry for anything (mortgage, auto loan, credit card, etc.) the credit bureaus sell your information. It is called a “triggered lead”. You will get a large amount of calls from companies you never applied at that bought your information from the credit bureaus. You can go to www.optoutprescreen.com to avoid any junk mail and also get on the do not call list.
Know better? Leave your own answer in the comments!
Posted in 
Tags: 
