Skibunnie123 asked:
How much can you have companies pull your credit before it starts hurting you? I know many are deamed a “soft hit” on your credit, but does this actually take away points? I have a construction loan right now and plan on purchasing a mortage after my home is built, but I also need to refinance my truck at the same time. I am worried by pulling my credit with the refi it will hurt me when trying to get my mortage……help?
Jesus
How much can you have companies pull your credit before it starts hurting you? I know many are deamed a “soft hit” on your credit, but does this actually take away points? I have a construction loan right now and plan on purchasing a mortage after my home is built, but I also need to refinance my truck at the same time. I am worried by pulling my credit with the refi it will hurt me when trying to get my mortage……help?
Jesus
Tony
Certain types of credit checks are OK. You can check your credit yourself once a year and it will not hurt it. It also does not hurt if certain other people such as landlords, companies investigating to see if you’re good enough to send a new credit card offer to, etc. check it for normal reasons. I used to own a home, and had it refinanced, and that credit check did not hurt my credit. I had to do it again when I got divorced and my X bought me out of the house, and that didn’t hurt it either.
I’m not a pro, and I could be totally wrong here, but I would guess that it should be OK to do what you are describing. If you have a copy of the credit report from the mortgage, and it is within a short period of time to getting the truck refi (one quarter I think?) then you may be able to use the same report without having to pull it twice, cuz the info on it will still be current enough for the lender to use. You should, however, find out if your lender only needs only one credit agency reporting, or reports from all 3.
If you’re still unsure before proceeding, just ask your lender. A good lender should be able to answer your question correctly.
hope this helps
Mike
15% of your fico are your inquiries.
From what I’ve read getting your reports probably won’t reduce your rating by 1 point and it will only affect your fico for about a month.
Although it stays on your report.
Someday, someday, fico will disclose their formulas.
I can’t wait till the day the gvt forces them to.
Get your reports for free at annual credit report . com
print them out and go through them carefully.
Do not close your odlest accounts.
If you must get your score – get it from experian.com for about 7 bucks.
If you have credit cards – pay them in full to raise your score to the top.
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Erica
Why dont you just pull it yourself for annualcreditreport.com before they do that way you can correct and fix what you have to fix then you dont hurt your score when your yourself checks it?