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Updated over 5 years ago,

User Stats

30
Posts
33
Votes
Nick Sansivero
  • Rental Property Investor
  • Glen Cove, NY
33
Votes |
30
Posts

Credit Inquiries. Do they really lower credit scores?

Nick Sansivero
  • Rental Property Investor
  • Glen Cove, NY
Posted

I'm currently in the process of getting pre-approval for my first mortgage (thinking about an FHA 203k for a triplex owner-occupy), and I have a question about credit inquiries. If I want to shop around with 5-10 different banks/lenders and compare them to see what my best loan option is, won't this hurt my credit score significantly if they're all running credit checks? Is there a way to avoid this that I'm missing? I've read that one credit check can take up to 5 points off your credit score. I'd love to hear how true this is from people's experiences. Thanks!

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