How NOT to affect credit score by applying w/ multiple lenders

[Roger P.]

Hi BP,

Maybe we chalk it up to the "cost of doing business" when applying for loans with multiple lenders to find the best deals on financing, but what are some rules of thumb to try to avoid getting multiple hits to your credit score when applying for loans?  I have a FICO around 820, so I already know I am eligible for top tier rates with conventional banks, but I'd like to see if that score can get me some special deals on low or no money down loans that perhaps only the unconventional lenders can offer, but they would have to run my credit.

Thanks

[Andrew Postell]

@Roger P. I would suggest limiting your shopping to a 14 day window.  You can absolutely get preliminary numbers from a bank before checking your score officially.  If the bank is unwilling to do that it's probably a good sign to look elsewhere.  When you have your 2 or 3 banks you want to compare then have them all check your credit on the same day.  Most lenders will even match other lenders offers.  So shop and compare and get your credit checked on the same day if possible.  That way the rates/fees they show you are all from the same pricing on that day.  That's the best method to comparing.  Feel free to ask more questions.  Thanks!