Does it Hurt Credit More to Shop Several Lenders?
Thursday, 16 October 2014
Question: “Two questions. I’ve heard that every time a banker runs my credit for a mortgage, it actually hurts my credit. Is that true? And does it hurt my credit more to shop several lenders?” Answer: First of all, your credit is only impacted if a mortgage lender actually runs your credit. A conversation won’t
- Published in Q&A - Home Financing Questions
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Will Running Your Credit Multiple Times Ruin Your FICO Score?
Wednesday, 13 November 2013
Question: “I recently had a realtor tell me that running my credit multiple times for the purposes of obtaining a home loan/mortgage would not take points off my credit score. Is this true? Is this different than having my credit run several times for, say, an auto loan?” Answer: That Realtor was correct. To get
- Published in Q&A - Home Financing Questions
How Are FICO Scores Measured?
Wednesday, 06 March 2013
Question: “I’ve been working again now for 6 months, so my FICO score should be improving…” Answer: While having a job means you have more money to pay your bills, it does not directly impact your FICO or credit score. FICO scores measure 5 things: 35% Payment history 30% Amounts owed (as a % of
- Published in Q&A - Home Financing Questions
Why Are There 3 Different FICO Scores?
Wednesday, 16 January 2013
Question: “I just talked to a lender about refinancing my condo and he told me my FICO scores. They’re 719, 729, and 744. How come there’s 3 different scores?” Answer: There are three nationwide credit bureaus, each with their very own FICO score name: Experian has “Experian/Fair Isaac Risk Model” TransUnion has “FICO Risk Score,
- Published in Q&A - Home Financing Questions
3 Types of Credit Scores Explained
Saturday, 31 March 2012
“Hi Gary. Question about credit scores. I thought the max was 850, but I just bought a car and they said my score was 870. How is that possible? I asked the guy at the dealership and he didn’t know.” Answer: Congratulations for having great credit. But don’t worry, your 870 score hasn’t broken the
- Published in FAQs, Real Estate Tips
A Quick Rundown of Credit Score Ranges
Thursday, 12 January 2012
“Do you know anything about credit scores? My credit score is 872 but I heard the highest possible score is 850…” Answer: Congrats for having such a high score. But you’re right in that the maximum score for home loans is 850. There are 3 types of FICO scores with their own ranges of possible
- Published in FAQs, Real Estate Tips