Question: Hopefully I will be buying a home sometime this year. I am told that > it’s best to shop around. I’m also told that everytime someone gets > pre-qualified/approved their credit is checked(of course) thus > lowering thier credit score a few points. I heard about a case a while > back where the person checked with so many banks etc. that it dropped > his score almost 100 points!! This is probably an extreme case but It > could happen How can something like this be avoided? Any help is > appreciated!!
Answer: The bank doesn’t need to check your credit if all they are going to do is quote you a price for the loan. Don’t give them your social security number when you go in to “shop around” only when you have made your final decision.
Another option would be for you to get a copy of your credit report, and if they say they cannot give you a quote without checking your credit, show them the report you received. That way it is only queried once.
Related posts:
- Home Mortgage Help Please
- question about 1st home loan process
- Avoiding PMI: Question about Home Loan
- Credit card vs loan question
- Career Change, Relocation, Home Loan question
- Help: Refinance Question
- Home Mortgage Help Please
- Suspended Credit Card: Effect on credit?
- Career Change, Relocation, Home Loan Question
- Home Loan Mortgage Myths
- Fair Credit Billing Act question
- Farmers Home Loan Question