Greg Cowart on Zillow
Greg Cowart - Mortgage Broker or Lender at The Securus Group
Greg Cowart - Roseville Loan Guy

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DON’T let anyone else pull your credit!!!

You may have heard this before; “DONT let anyone else pull your credit or it will bring down your credit score.” While that was true MANY years ago, it hasn’t been in a long time and separate inquiries from multiple mortgage lenders in a short period of time no longer has the same negative effect. Don’t believe the hype. A recent change allows you even more time to comparison-shop for a mortgage, auto, or student loan without hurting their credit score.

Years ago the policy changed so virtually any number of credit inquiries within a 30-day time frame for a combination of a mortgage, auto or student loan would have no effect on an applicant’s score. To make that even better a new revision to this rule allows anyone who applies solely for one specific type of those loans (mortgage, student, or auto loan) now has an even longer period of time before another inquiry will count against their score. 45 days!

Some things to remember… This doesn’t mean that none of the inquiries count against the score,  just that only the first one will. Also, these rules don’t apply to credit cards, personal loans, or other secured/non-secured debt that isn’t a mortgage, auto, or student loan. Outside of these kind of inquiries each inquiry will indeed count against one’s score. Usually to the tune of 1 – 4 points in the month the inquiry was made.

Sincerely,
Greg

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