Community Chat

[151949]

I know that whenever there is an inquiry into your credit it lowers the score a bit for some reason. Does anyone know how much?We would like to look into some possible mortgage companies but we don't want to lower the score too much. Also how long after the inquires until it goes back up.

If it only goes down a few points - no big deal.When we leased our car it only went down 3 points - but we only had one inquiry and it came back the next month.

[patbz]

Check your score on Credit Karma or another free site.  If you are under 720 do what you need to to repair your credit.  I wouldn't worry about what you want to check hurting your credit much if any.  You need to ensure that a couple of points either way doesn't make the decision (whether you get a loan or not).  My credit dipped to 690 several years ago (major medical) but now it is consistently 820 plus (850 is maximum).

[SilleeMee]

It depends on how many accounts you own and how old they are. Inquiries will have more impact on people with fewer accounts and shorter credit history. But you can expect to see most scores affected by around five points or less for each inquiry made.

[missy1]

Waiting to hear all the high scores......

No, you don't lose a lot of points for one inquiry.

[GenXmuse]

Have you not asked this question before?  

[proudlyfromNJ]

I've never checked my credit score.

[151949]

@proudlyfromNJ  When we moved to Florida in 2010 we had to apply for a mortgage in case our house up north didn't sell. They tell you your scores and explain all kind of things about the scores for you. It was very interesting!

[151949]

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@missy1 wrote:

Waiting to hear all the high scores......

No, you don't lose a lot of points for one inquiry.

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But we want to check multiple places to see where we can do the best.Like 5 or 6.When you are applying for a mortgage they won't even pay as much attention to the number - unless it would be low - but they will want to know why it suddenly dropped.

[151949]

@missy1  Your right ! they will all be coming here telling us their score is 1000 when the high is 900.

[Scooby Doo]

I'd get my free credit score, then call the mortgage places and ask them what the rate is for that score.  I checked last week and the lowest was 4.375, which I already have.  I heard on the news that the interest rate will be going up .5 percent.  If you already have a mortgage, call that company and see what they will offer.