How many days do I have a mortgage pre-approval for my first store in front of my credit score fails?

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Since your credit score decreases every time someone sees it. Is there a certain time, allow me to compare different lenders when you are shopping for a mortgage loan without affecting my credit score?

  1. Reply
    April 29, 2011 at 9:46 pm

    You generally have 30 days with Auto and Home Mortgage companies to record several inquiries. The inquiries will be grouped into one even if you get pre-approval by 3-5 banks or so.

    It never used to be that way. Lenders used to see several inquiries as a flag that you are in desperate need for credit. Then in the late 1990’s Fair Issac (the company who’s algorithms determines FICO scores) decided to group the home and auto loan inquiries into one within a 30 day period.

    Good luck and I hope that helps.

  2. Reply
    April 29, 2011 at 10:39 pm

    actually, credit inquiries are only grouped together in 14 day application periods, meaning you only have 2 weeks to apply at multiple lenders and have it count as 1 inquiry on your credit report.

    if you spread applications to multiple lenders over 30 days, it will count as 2 inquiries.

  3. Reply
    April 29, 2011 at 11:34 pm

    Are you in the UK – credit score does not change, whether 1 or 100 lenders see it.

  4. Reply
    April 30, 2011 at 12:26 am

    Generally you have 2 weeks, but every inquiry shows up no matter what.
    There is no way to hide whenever someone pulls your credit.

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