For instance, if I use E-LOAN, will that count as a search/request for credit, or will it just show up available lenders that might be willing to finance a mortgage?
I’d like to get some ideas of pre-approval without actually starting the process.
I’m looking to sell my current property and purchase a new property, if that makes any difference. I have a mortgage, currently, so this is not a first time loan.
If they pull a credit report, it’ll show up as a hard inquiry and other people who pull your credit report will see that.
Is that what you’re asking?
That’s right.
I’m looking for tools or websites that will allow me to check fairly accurate pre-approvals for a mortgage amount but that will not place too many inquiries on my credit report.
I am under the impression that too many inquiries can translate to possible lenders as denials or requests for too much credit. Is this true?
I know I’m not making much sense, but I don’t know how to ask exactly what I want to know.
Yep, anytime you give them your Social Security number and they do a credit check (even if you accept the offer or not) it counts as an inquiry.
This not only includes loans but also any type of credit card or store charge card.
Maybe it would be nice to save an extra 15% on my purchase at Old Navy and I’ll never use the card again but it ain’t worth it to me to have that inquiry on my credit report.
http://www.myfico.com/CreditEducation/CreditInquiries.aspx#40
3. I’m unaware of any lenders who separately consider inquiries, as opposed to considering the credit score (which incorporates them).
A single inquiry on your report will have little lasting effect on your credit score. Having a finance company account on there (Old Navy’s credit cards are issued by GE Money Bank https://secure.www.oldnavy.com/profile/PLCC.do?urlType=apply&mlink=5151,530385&clink=530385 ) would probably be worse long-term.