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

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

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.

LO LICENSE # 0912532 LO NMLS# 224433 BKBR# 0115327 COMPANY NMLS# 6274