Credit Score Information & What to Know About “Rate Shopping”
Did you know nearly half of borrowers don’t shop around for the best rate before applying for a mortgage, and even if they do, only 3 out of 4 end up applying to more than one lender or mortgage broker.
Looking for a mortgage, auto or student loan may cause multiple lenders to request your credit report, even though you are only looking for one loan. To compensate for this, the score ignores mortgage, auto, and student loan inquiries made in the 30 days prior to scoring. So, if you find a loan within 30 days, the inquiries won't affect your credit score while you're rate shopping. In addition, the score looks on your credit report for mortgage, auto, and student loan inquiries older than