I'm talking about before you close. If it's more than 90 days since they ran credit and they have to run it again before closing and you have opened up all kinds of credit accts, your credit score may be affected. That's why, if you choose to mortgage shop, your credit score may change.
You are correct... your score may drop. Most likely it won't drop my much because again... all those pulls should be treated as a single pull. A single pull won't make or break you.
The most important thing is the bank will still see the same amount of accounts open and the same amount of debt. They will compare the two credit reports and know this.
The bank won't care if your score drops 20 points. But they WILL care if you have added any significant debt since the application (like buying a car or running up a CC).
Your score though dropping 20 points can affect you because it depends where you are before the drop. If you are right on the border line of being a great credit score and an ok one it could affect the interest rate. If you have a 750 score it won't but if you have a 700 score it might.
Blu-ize
Posted:
Member since
Re: Mortgage question??
Posted by csorisi
Posted by DjPiLL
Posted by Blu-ize
I'm talking about before you close. If it's more than 90 days since they ran credit and they have to run it again before closing and you have opened up all kinds of credit accts, your credit score may be affected. That's why, if you choose to mortgage shop, your credit score may change.
You are correct... your score may drop. Most likely it won't drop my much because again... all those pulls should be treated as a single pull. A single pull won't make or break you.
The most important thing is the bank will still see the same amount of accounts open and the same amount of debt. They will compare the two credit reports and know this.
The bank won't care if your score drops 20 points. But they WILL care if you have added any significant debt since the application (like buying a car or running up a CC).
Your score though dropping 20 points can affect you because it depends where you are before the drop. If you are right on the border line of being a great credit score and an ok one it could affect the interest rate. If you have a 750 score it won't but if you have a 700 score it might.
Yep, especially if you are trying to qualify for a higher risk loan like an interest only with 0 down or very little down. That's when the credit score is vital...every last point.
