Forgotten Your Password?

Need to Register?

Question Icon

Ive heard that credit bureaus give you a window to shop before you get hit with multiple inquiries. How long is this timeframe? I don't want my credit score to drop.

by brian670 from Roswell, New Mexico. May 23rd 2016 Reply


Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,930 contributions

Contrary to widely held misinformation, having some inquires DOES NOT effect your credit score like most people think it does. Visit www.myFICO.com to learn more. Fallacy: A score will drop if I apply for new credit and have inquiries.Fact: If it does, it probably won't drop much. If you apply for several credit cards within a short period of time, multiple requests for your credit report information (called "inquiries") will appear on your report. Looking for A LOT of new credit in a very short time can equate with higher risk, but most credit scores are not affected by multiple inquiries from auto or mortgage lenders within a short period of time. Typically, these are treated as a single inquiry and will have little or no impact on the credit score, and even if it did have a minor effect, it is ONLY TEMPORARY! Bottom line: NEVER EVER WORRY ABOUT AN INQUIRY!!! For home loans in MN, SD, and WI, visit me at www.StPaul-Mortgage.com

May 24th 2016
1
0
William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,722 contributions

When shopping for a mortgage, if you have multiple "Bank" or "Mortgage" inquiries within 30 days, then those added inquiries will not affect your credit score.. There could be other things that could affect the score, but the added inquiries will not.. Also, if the credit bureau does not recognize the inquiry coming from a bank or mortgage company, then it could potentially have an effect on your score.. But as Joe said, you shouldn't worry about it.. I've seen borrowers with a 750 credit score and multiple inquiries after applying for different types of credit and there was little to no change in the score.. if you have very low scores, then the impact could be significant.. but typically, if you have decent to great scores, there should be little to no change. so, I wouldn't worry about it.. Also, inquiries drop off your credit report in 3 to 4 months, so even if there is a change to your score, it's only temporary. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

May 24th 2016
1
0
Subscribe to our news feed.