jrdejavux Posted March 15, 2007 Report Share Posted March 15, 2007 Hello guys I have a couple of questions for the experts here, me and my girl are ready to buy a home and about two month ago we went with a loan specialist we know and she pulled our credit and everything was good and she said we should be approved in a heart beat. We haven't gone through with the loan because we are waiting to see if the market settles a little more. Back in January I saw the hard pull on all three of my credit reports as expected. Fast forward to today, I get home and I see an email from truecredit saying there has been an inquiry , when I checked this lady pulled our credit reports again without our consent ! which I'm really pissed about. Now to my two questions, do hard pulls for mortgage loans affect your credit score ? and We are going to go to different banks in about a week or so, what's the time frame I have before my credit score dips because all the hard pulls ?????thanks George Link to comment Share on other sites More sharing options...
Gary Craig Posted March 15, 2007 Report Share Posted March 15, 2007 GeorgeThe number of inquirys makes out about 10% of your credit score rating, one or two should not do anything. In fact you should check your report yourself, about every six months. It's healthy. That way you make sure no wrong information is reported. There was a study done a few years ago, that out of 35% of credit reports, contained wrong infomation enough the get people denied for home loans. The loan officer who originally pulled your tri-merge, technically she should not have pulled your report without first speaking to you. It is different between mortgage banks as the the age of the report, some banks can use a report up to 90 days. At this point - all you can say is not to pull it again. Your credit report is made out of two types of debt - revolving and installment debt. Revolving debt such as credit cards, charge accounts, lines of credit etc, having to much can lower your credit score. Having over 50%, 25% of your credit limit, can also lower your credit score.Installment debt the better of the two - is a loan that has a fixed payment, with a known ending date. This type of debt you can use to manipulate your credit score, by sending more than the agreed upon payment.Surprised your loan officer didn't tell you this..... If you have any further questions, PM me.Good Luck Link to comment Share on other sites More sharing options...
stressin Posted March 15, 2007 Report Share Posted March 15, 2007 So is it possible to get a loan with a 640 score? Link to comment Share on other sites More sharing options...
PolarBearnCO Posted March 15, 2007 Report Share Posted March 15, 2007 GeorgeInstallment debt the better of the two - is a loan that has a fixed payment, with a known ending date. This type of debt you can use to manipulate your credit score, by sending more than the agreed upon payment.I haven't read anything about this before. What do you mean? You can increase your score if you send more than the required payment? How would that work? Credit reports do not show specific payment history. They only show balance owed, monthly payment agreed upon, term, and whether you have been late or not. It doesn't show that you've made an extra $100 payment each month toward your car loan. Link to comment Share on other sites More sharing options...
jrdejavux Posted March 16, 2007 Author Report Share Posted March 16, 2007 GeorgeThe number of inquirys makes out about 10% of your credit score rating, one or two should not do anything. In fact you should check your report yourself, about every six months. It's healthy. That way you make sure no wrong information is reported. There was a study done a few years ago, that out of 35% of credit reports, contained wrong infomation enough the get people denied for home loans. The loan officer who originally pulled your tri-merge, technically she should not have pulled your report without first speaking to you. It is different between mortgage banks as the the age of the report, some banks can use a report up to 90 days. At this point - all you can say is not to pull it again. Your credit report is made out of two types of debt - revolving and installment debt. Revolving debt such as credit cards, charge accounts, lines of credit etc, having to much can lower your credit score. Having over 50%, 25% of your credit limit, can also lower your credit score.Installment debt the better of the two - is a loan that has a fixed payment, with a known ending date. This type of debt you can use to manipulate your credit score, by sending more than the agreed upon payment.Surprised your loan officer didn't tell you this..... If you have any further questions, PM me.Good LuckGary thanks for your reply, the reason I am pissed is because she pulled my report for a second time without my consent. The reason I believe she did this is because she wanted to see if we had gone with someone else for a loan since it had been two months and we haven't gone back to her to finalize our pre approved loan. Anyway's I talked to her today and she apologized and I told her we WOULD NOT do business with her anymore. thanks to all of you for your replies Link to comment Share on other sites More sharing options...
Gary Craig Posted March 16, 2007 Report Share Posted March 16, 2007 stressin - check your PMPolarBearnCO - I posted "Using your mortgage to heal your credit".As for credit reports just showing the balances. Bank credit reports show alot more.When you are applying for a mortgage, it is important you do not have any lates showing on mortgage payments. Lates on credit cards, car payment, etc, will not prevent you from getting a loan, it lowers your credit score. The value of you credit score, puts you into a bracket of what rate you pay.If you haven't paid a credit card, and it is in collections. Most banks would require you pay it off (in a case of a refi - it could be included in the loan).jrdejavux - honestly I sometimes pull previous borrowers credit reports before I talk with them. A portion of the people who loans for, originaly had sub 500 credit scores. I put them into a credit repair programs telling them I am monitoring their credit. Most of the time, they forget I say this.Six months after I refinance them, I pull their credit just to chart where their score is going (a credit physical). My plan after 12 months, with them sending extra into the payments, boosting their score. I can redo their loans at a shorter term, lower interest rate with a lower payment. Link to comment Share on other sites More sharing options...
jrdejavux Posted March 16, 2007 Author Report Share Posted March 16, 2007 jrdejavux - honestly I sometimes pull previous borrowers credit reports before I talk with them. A portion of the people who loans for, originaly had sub 500 credit scores. I put them into a credit repair programs telling them I am monitoring their credit. Most of the time, they forget I say this.Six months after I refinance them, I pull their credit just to chart where their score is going (a credit physical). My plan after 12 months, with them sending extra into the payments, boosting their score. I can redo their loans at a shorter term, lower interest rate with a lower payment. I understand that you do that for your costumers but the key is " you put them in a repair program". As of now all negatives are gone from my credit reports and my fico is pretty good as I qualify for the lowest mortgage rate, so why have this lady pulling my credit reports without my consent ? wouldn't that be illegal ? not that I'm going to go after her but it just pisses me off. Link to comment Share on other sites More sharing options...
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