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

Comments(5)

  • edmeyer13th May, 2005

    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.

  • Wayneone13th May, 2005

    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

  • mcole14th May, 2005

    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.

  • MRE200515th May, 2005

    Darn it. The name of the place is rip off report

  • cjmazur15th May, 2005

    check if the fees are regulated.

    Many of the fees are here in CA or have to be "resaonable".

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