Loans By Kathy: FAQ # 1 Will you pulling my credit drop my score?

FAQ # 1 Will you pulling my credit drop my score?

FAQ # 1 Will you pulling my credit drop my score?


This is probably the most frequently asked question I receive from prospective homeowners.  Here is my answer:


One credit inquiry will not negatively affect your credit score.  Even several mortgage inquiries within a 30 day period will not negatively affect your credit score.  It is assumed that if you are in the market for a new home, you will be shopping for the right lender.  And thus may be talking with more than one lender.  As long as these credit inquiries are made within a 30 day time frame it will count as only one inquiry.


It is true that credit inquiries count for 10% of your overall score.  The impact will only be negative if you apply for multiple credit accounts within a 90 day time frame.  Credit inquiries will have less of an impact on a credit score where there is a longer history versus someone with only a few years history.


As an example, if you have an 800 credit score and your score were to drop by 10% your score would be 720, which is still considered an acceptable score.


If your credit score is a 700 and drops by 10%, your new score is now at 630.  This is considered marginal credit.


If you are considering a purchase of a new home, please discuss with you originator any applications you intend to make.


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Kathy Sheehan Senior Loan Officer






Bay Equity LLC

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11475 Great Oaks Way, Suite 350, Alpharetta, GA 30002

800.BAY.3703 Bay Equity LLC NMLS ID#76988



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The opinions and general information in this blog are soley those of Kathy Sheehan.  Specifics regarding an individual case should be discussed in detail with a loan professional.  For a confidential consultation, please feel free to contact me via phone or email.  All terms and conditions are subject to change.


Comment balloon 2 commentsKathy Sheehan • June 03 2012 02:12PM


Kathy: This is good credit information that all consumers need to understand.  Have a wonderful week!

Posted by Anita Clark, Realtor - Homes for Sale in Warner Robins GA (ColdwellBanker SSK Realtors ~ 478.960.8055) about 7 years ago

Thanks Anita.  Have a great week too!

Posted by Kathy Sheehan, Senior Loan Officer (Bay Equity, LLC 770-634-4021) about 7 years ago