utman17 Posted July 31, 2003 Report Share Posted July 31, 2003 Speaking with the loan officer, he told me they only pull Experian, looking at my Privacyguard this morning, I have inquiries on Equifax, 2 on Experian and one on Transunion. Why would he tell me they only pull from one and then I get hit for a total of 4..... Link to comment Share on other sites More sharing options...
atak88 Posted August 1, 2003 Report Share Posted August 1, 2003 THey use landsafe. They pull all three then Countrywide will pull all three and they will pull all three again a day or two before you close.I just went through with them FHA 6.75% ( aabout 4 months ago) Link to comment Share on other sites More sharing options...
utman17 Posted August 1, 2003 Author Report Share Posted August 1, 2003 Doesnt that hurt your score big time? Link to comment Share on other sites More sharing options...
Lizzy Posted August 1, 2003 Report Share Posted August 1, 2003 I was watching a show on CNN about mortgages and you get a 4 point drop for every mortage inq. They were stating that if you try 10 different fianance companies and they each pull your report, that is a 40 point score drop which can really hurt you. We keep debating about refiancing the house so I sit and watch these shows for advice. It is hard to trust them when they say they pull only one. My sister in law was trying to buy a truck and got hit with a big score drop due to the bank, dealership, and insurance companies looking at her fiances report. And she had her report in hand...makes you mad. After all that, they told her no because he didn't have any credit, but a high score. Liz Link to comment Share on other sites More sharing options...
utman17 Posted August 1, 2003 Author Report Share Posted August 1, 2003 Do they like group all these together if your shopping for the best deal? The main thing is that the SOB told me up front that we only pull one, so I called him and he is investigating the others for me, I told him if I cant trust you up front, I will take my bus. elsewhere... Link to comment Share on other sites More sharing options...
Lizzy Posted August 1, 2003 Report Share Posted August 1, 2003 I don't think it is grouped together. That is what they were trying to say. If you try 10 different companies and they each pull 1 report, it is a 4 point drop for mortages. When we bought our home, we had a huge report from all 3 CRA's for the both of us. That is too bad they did that to you, but the damage is done and now you have to work to try to get them removed. I don't trust anyone about what they pull. Before I didn't give a crap about reports/scores now I guard that info. I went to a dealership and asked them who they pull and what is a good score other questions and the guy about **** his pants. You have to go into these things with knowledge or they will screw you. I know we have the upper hand with the things we learn on here, but just think about those who don't. Some people I know have no clue about what is in their reports, they think I am a nutcase with all this credit 101. I would becareful about dealing with too many companies, you don't want too many points off. Good luck....Liz Link to comment Share on other sites More sharing options...
atak88 Posted August 1, 2003 Report Share Posted August 1, 2003 everyone of my credit reports has countrywide hard inq on the same day. they also report to all three on the same day Link to comment Share on other sites More sharing options...
firstsource Posted August 1, 2003 Report Share Posted August 1, 2003 My suggestion is the following, and loan officers and lenders don't like this, but here is what I would do.Get one mortgage broker/loan officer to run your credit, and pay him for it, (about 25.00) and send it to you via *.pdf or a good copy. Then ask him to black out your SSN number when he submits the loan to the lenders, and then when he has a good one, and you like the rate and terms, you can go with him. If you are shopping the internet for a lender, then fax him the report, again, without your SSN on it. It is much more difficult to get a loan application ready for submission this way, as the debts have to be entered in the loan application by hand, instead of just automatically getting entered when we pull the report, but this system does save you the "hits".The LO may not have know or asked or cared if the lenders that he submitted your loan to for approval, checked the credit, but you know now how to prevent it.Charles Link to comment Share on other sites More sharing options...
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