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Capt Tom Brown
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It might not hurt to emphasize or relate herein on what repeated credit checks by yourself or other institutions can do to your credit rating. This may not be generally known to people shopping around for a good rate, are actually damaging their credit ratings in doing so. Sgt Kelli Mays Once a rating is damaged because of such inquiries, how long does it take to restore the rate to where it was???
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Lt Col John (Jack) Christensen
Lt Col John (Jack) Christensen
>1 y
I can vouch for this as well. Refinanced my VA loan 2 years ago. Credit score dropped right after we closed on the refinance vs what is was when we applied. Nothing else had changed other than the credit inquiry by the lender.
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Sgt Kelli Mays
Sgt Kelli Mays
>1 y
Sgt William Kelley - Inquires don't effect it that much and it depends on HOW MANY INQUIRIES one has had in a two year and 12 month period...and rate shopping is not a good idea....get your free credit score you are entitled to once a year and you'll have a good idea what you'll qualify for....and then you can call around without having to have each lender pull your credit...just as in car shopping. Many people make the mistake to let 5 dealerships pull your credit....inquires are only a few points hit...as long as you don't have 10 or more in a 12 month period and you were not already border line on your scores, you should be fine. Restoring and raising your scores is as easy as paying down your balances on revolving debt...not on installment loans such as mortgage, auto loans, student loans...paying these down won't raise your scores...but paying down or keeping your credit card balances under 50% will keep your scores higher Capt Tom Brown Lt Col John (Jack) Christensen SGT (Join to see)
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Capt Tom Brown
Capt Tom Brown
>1 y
Sgt Kelli Mays - Good information to know. Maj Kim P.
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Lt Col John (Jack) Christensen
Lt Col John (Jack) Christensen
>1 y
Sgt Kelli Mays - Think how I refinanced is what affected my score. I used Lending Tree to start the process. That alone caused many inquiries from different banks. No big deal, got the refinance and did the things you mention to get score back up to where it was before refinance. But something to keep in mind.
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SGT Robert George
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Thanks Sgt. May !!!
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COL Lee Flemming
3
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Awesome info...thanks for the post!
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