Sentences with phrase «loan as a single inquiry»
According to Fair Isaac, all inquiries within a 45 day period for a mortgage, an auto loan or a student loan as a single inquiry.
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Specifically, if you apply for a mortgage or auto loan with several different lenders within a «normal shopping period» — which ranges from 14 to 45 days, depending on the version of the FICO formula — it will count as a single inquiry for credit - scoring purpose.
First, when you apply for a mortgage loan with multiple lenders, the credit bureaus count it as a single credit inquiry.
Credit bureaus know people shop around for mortgages and auto loans, so they generally consider multiple hard checks performed within two to three weeks as a single inquiry.
Then, all student loan inquiries made within 45 days count as a single inquiry where your credit score is concerned.
While auto, mortgage and student loan applications over a short period of time are treated as one single inquiry, that is not the case for credit cards.
Inquiries for mortgage loan and auto loan purposes in a certain period of time — usually 14 days — counted as a single inquiry by most scoring systems.
VantageScore counts auto loan and mortgage inquiries made within two weeks of one another as a single inquiry.)
Rate shopping for mortgage loans typically results in multiple hard inquiries — often as many as three or more — per borrower for a single purchase.
Unlike multiple mortgage, auto and student loan inquiries that are treated as a single inquiry when incurred within a narrow time frame, the scoring formula is not so forgiving of credit card inquiries, as each one can potentially affect your score.
Credit scores consider multiple inquiries for auto loans within a short time as a single inquiry.
FICO, the company that provides credit scores most lenders use, has stated that it will count all student loan refinancing applications filed during a 30 - day period as only a single hard inquiry on the applicant's credit report.
That's a smart thing to do, and your FICO score considers all inquiries within a 45 - day period for a mortgage, an auto loan or a student loan as a single credit inquiry.