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How many pulls are too many?


victurbo
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Trying to figure out how bad I messed up...

When I started looking for a home loan approximately 2 months ago I applied with Quicken & Lending Tree, Both pulled my credit report and let me know I had a 589 mid. I was able to get preapproved through both with a full doc, (didn't take Quicken up on the $300 good faith deposit) but wasn't particularly excited with the terms. After disputing a number of discrepancies on my credit report I was able to get my score up to 654. Waiting on a few more things due to clear next week, including the credit cards I paid down and 700+ is a distinct possibility! Last week we found a home we'd like to make an offer on but I obviously need them to repull my credit report to take advantage of the improvements I've made.

My questions are:

When they pull again will that significantly affect my score? If I want to shop around with other brokers will that hurt me more even if I do it at the same time of the repull? Can I pull my own and give it to them to prevent it from showing on my report?

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Trying to figure out how bad I messed up...

When I started looking for a home loan approximately 2 months ago I applied with Quicken & Lending Tree, Both pulled my credit report and let me know I had a 589 mid. I was able to get preapproved through both with a full doc, (didn't take Quicken up on the $300 good faith deposit) but wasn't particularly excited with the terms. After disputing a number of discrepancies on my credit report I was able to get my score up to 654. Waiting on a few more things due to clear next week, including the credit cards I paid down and 700+ is a distinct possibility! Last week we found a home we'd like to make an offer on but I obviously need them to repull my credit report to take advantage of the improvements I've made.

My questions are:

When they pull again will that significantly affect my score? If I want to shop around with other brokers will that hurt me more even if I do it at the same time of the repull? Can I pull my own and give it to them to prevent it from showing on my report?

NO! Up to 5 lenders is not going to hurt your score at all especially for mortgage.
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When they pull again will that significantly affect my score? If I want to shop around with other brokers will that hurt me more even if I do it at the same time of the repull? Can I pull my own and give it to them to prevent it from showing on my report?

The safest bet would be to pull your own and give them the approximated score for their pre-qual.

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Even if the second set are pulled outside the 2 week window of the first?

This is a bit of a misnomer. True, Classic FICO factors all inquiries within 14 days for a mortgage as only one inquiry. Problem is that the inquiries are not always coded properly and FICO then has to guess as to whether they are for the same purpose or not.

In any regard, inquiries within the most recent 30 days don't count at all.

My advice would be to get a GFE from as many lenders as you want based on the score that you pull yourself. Once you have narrowed your decision down and selected a home to purchase or refinance, then have the lender run your credit.

Make sure that the broker/lender will be re-issuing that credit report to their lender and not having the lender run another report.

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