How Do Credit Inquiries Affect Your Score?

Jan 29th, 2011 | By | Category: The Mortgage Connection

Credit Inquiries | The Sahuarita Connection | Mary BenavidesBy Mike Morgan
Peoples Mortgage Company
520.954.7686

Hard pull effects credit score every time!!!

Inquiries for any consumer looking to get financing for phones, insurance, loans, and lines will create a credit inquiry that will report to the credit agencies for 2 years, impacting a credit score for 1 year. There is no FICO model that will give a shopping period for clients in the mortgage industry.

Soft pull no score change!

A so-called soft inquiry will only occur in an online credit situation, a marketing inquiry, or an account review done by a financial institution on a current client of theirs. That is the only way to have a soft inquiry done, however scores from soft pulls will not be FICO scores; i.e. they are not for lending
purposes.

The best rule of thumb is that if you are questioning what an inquiry will do then please call me at 520.954.7686. I appreciate the opportunity to earn your business.
Email address:morgan@peoplesmortgage.com

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