I asked recently for two loans approved in advance by the other?

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I applying for two different loans before receipt by the other? My husband and I applied for a loan pre-approval a week ago. They said we qualify, but we’re still waiting for them to contact us with issues of fact. This was made for a house. Well, after much discussion we decided that we would be better just to buy a modest 2.3 bedroom house that needs a little work and the work we do. So today I applied for a mortgage pre-FHA in line with a local company. I just do to harm our credit in this area? To get / Lessing, chances or we credit? I know that the demand for credit hurts your score, but how much it hurts? these are the only two times we have applied for loans during the last six months, with the exception of a card from Walmart … Thank you!

  1. Reply
    January 30, 2011 at 9:48 pm

    No. If applications are within a close time frame, it will count as one on the report and score.

  2. Reply
    January 30, 2011 at 10:41 pm

    Other answer is right. I think you have about a 30 day time frame where you can shop around for different mortgage rates, and it only counts as one inquiry. Same thing when you apply for a car loan. This is because the credit reporting agency realizes that shopping around for the best rate is exactly what you’re doing, and not that you’re actually trying to take out multiple loans to buy several cars or homes.

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