Mortgage – Will applying for a mortgage hurt my credit score?

Your Credit Minute Show Notes:


  • 00:00                                   What’s up, guys? Nik Tsoukales here with Key Credit Repair. Listen, I’m going to talk about probably the most asked question my, uh, my loan officer colleagues get, uh, when someone is applying for a home loan, and that question is, does ap- does applying for a home loan create an inquiry that will hurt my credit?
  • 00:18                                   So, we’re not just going to give you some basic credit jargon here. Guys, we’re going straight to FICO. I’m going to read this off to you guys, then I’m going to include the URL in our vlogs. So, definitely click more. I’ll have the link in there, and for you loan officers that are getting asked this, I want you to share this with your customers, okay?
  • 00:34                                   So, um, right on, we see does the, does the formula treat all inquiries the same? And the answer to that is no. Research has indicated that FICO scores are more predictive when they treat loans that commonly involve rate shopping such as mortgage, auto, and student loans in a different way. For these types of loans, FICO scores ignore inquiries made in the 30 days prior to scoring.
  • 01:03                                   So, if you find a loan within 30 days, the inquiries won’t affect your scores while you’re rate shopping. Guys, that is black and white. It will not affect you. It will not hurt you. Do your rate shopping. Keep everything going within a 30-day timeframe and you will be fine. Guys, this is Nik Tsoukales with Key Credit Repair. This is your Credit Minute. Have a great day.