Help....Question About Fico Score.
I am in the process of getting prequalified to purchase investment properties...... I ALSO need to cosign for my son for a student loan. (which actually requires payments to be made 6 months after he graduates in 2009)....does multiple "inquires" cause your FICO score to drop. I just dont want to jeopardize the student loan...My present FICO score is 710
FICO inquiries will drop your score, but probably not by much and not for a long period of time. I do not let everyone who wants to pull my score to do so.
thanks ed...so let me make sure that I understand. They can pull my credit WITHOUT pulling the fico score? and if this is the case, when I give them the authorization to pull my credit, should I just advise them at that time that i do NOT want my fico score pulled? Im confused
Greetings Wayneone,
From reading your post, I’m under the impression that you just want to get a “pre-approval” letter. And you’re not actually applying for a loan at this point. Correct?
If this is the case, I would recommend NOT letting anyone pull your credit until you actually have a property and ready to apply for a loan.
Every lender’s criteria is different, and can be different for each loan program. So, until you actually have a Purchase Contract on a particular property it’s kind of a moot point, as FICO is only one of many factors that will determine whether or not they’ll do the loan.
A good mortgage broker should be able to provide you a pre-approval letter and tell you what loan programs might work for you BEFORE they ever pull credit.
Hope this helps.
Darn it. The name of the place is rip off report
check if the fees are regulated.
Many of the fees are here in CA or have to be "resaonable".