looking for rate shopping, does it hurt your score if multiple people pull your report? Any personal experience or advice? As per this source if you shop within 14 days it shouldn't impact your score. Thanks in advance
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The first important concept is that -- unlike applying for multiple credit cards -- when you apply multiple mortgages, you won't get dinged for multiple, consumer-initiated inquiries. This is because when you apply for 5 credit cards, you'll likely get the option to use them all five.
By contrast, with the mortgage applications, you'll only get an approval once.
As such, the credit bureaus have made it formal policy to permit "rate shopping". In fact, it's encouraged. And this leads us to the second important FICO-protecting concept.
You have the right to shop with as many lenders as you like. The trick, though, is to shop for your mortgage within a limited, 14-day time frame. If you can manage that, the credit bureaus will acknowledge your first credit pull as a "ding", but will ignore each subsequent check.
This means that you can have your credit checked by an unlimited number of lenders within a 2-week period, enabling you to compare mortgage rates and fees ad nauseum. And, no matter how many credit checks you do, the mortgage inquiries get lumped into a single credit score hit.
....,,,,,,,,,,,,
The first important concept is that -- unlike applying for multiple credit cards -- when you apply multiple mortgages, you won't get dinged for multiple, consumer-initiated inquiries. This is because when you apply for 5 credit cards, you'll likely get the option to use them all five.
By contrast, with the mortgage applications, you'll only get an approval once.
As such, the credit bureaus have made it formal policy to permit "rate shopping". In fact, it's encouraged. And this leads us to the second important FICO-protecting concept.
You have the right to shop with as many lenders as you like. The trick, though, is to shop for your mortgage within a limited, 14-day time frame. If you can manage that, the credit bureaus will acknowledge your first credit pull as a "ding", but will ignore each subsequent check.
This means that you can have your credit checked by an unlimited number of lenders within a 2-week period, enabling you to compare mortgage rates and fees ad nauseum. And, no matter how many credit checks you do, the mortgage inquiries get lumped into a single credit score hit.