Are Credit Scores being flagged as suspicious every time someone checks it?

This is a typical question that most people have especially when it comes to purchasing a home is that when someone views their credit scores (lenders) Is it being flagged as suspicious? We know one should never take put cards or make any large purchases before a house closing.  Is it really being flagged as suspicious when you check it, your relator checks it then your lender?

Well it’s not an automatic thing.   It might get flagged if there are several types of credit applications going thru at the same time, i.e. mortgage, credit cards, vehicle.. because that could indicate someone's gotten your personal info.

Keep in mind, you don't have to complete a loan application with every lender and allow them to order your credit just to shop around for an interest rate.  Once you've seen your credit score with one mortgage company, all you have to do is provide that score to the next lender and the next in order to get a quote.  

Lenders may tell you that they'll need a full application and to see your credit score in order to provide you a quote because blah, blah, blah.  At the shopping stage, you're not shopping for a loan approval, you're just shopping for an interest rate.  Would you try on clothes you don't intend to buy if the price tag is too high?  Then why complete a loan application just to see what the lender's "price" is?

Every inquiry lowers your score and raises questions if you are in the midst of a mortgage. If a car dealership pulls your credit, your mortgage lender will assume you are shopping for a new car. This will hurt your debt ratio if you are at all close.   While in the mortgage process, do not apply for any new credit including credit cards at stores without clearing it with your loan officer.  

Your only solution is to find someone like us to talk to. Team Jenkins are your trusted advisers, We can help you through the process of home buying and make it as smooth as possible. We partner with the best lenders and make sure that you work with professionals.

 

To find a great home or sell your home please visit our site atwww.lasvegasfindahome.com. Bill Jenkins Team Jenkins Ranked Top 1% Nationally Professional Real Estate Coach and Sales

 Nevada Realty Connection 170 S. Green Valley Pkwy Suite 300 Henderson, NV 89012 702-845-8540 Cell 702-318-7228 Office