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Topics addressed on April 28, 2010:
Effect of multiple mortgage applications
Will it affect my credit score if get I get a mortgage pre-approval letter from more than one bank? If it does how much would it affect my score? Also, will it affect my score, if I check my credit score with you guys?
The reason inquiries are scored is that recent applications for additional credit increase your risk position. Your multiple mortgage inquiries are all related to just one financial transaction. So, to our knowledge, all scoring models have special rules that adjust for such repetitive inquiries.
Different scoring models have different rules. One example is that inquiries for mortgage purposes within 14 days time are all counted as a single inquiry.
Scoring models have similar rules for auto lending because people often shop around for the best rate, creating inquiries related to a single loan.
You also can get your own credit report and credit score as often as you like without any affect on your credit scores.
Thanks for asking.
- The "Ask Experian" team