Credit Myth #2: Having your credit report pulled will ruin your scores

After spending over 16 years in the mortgage lending industry I have identified seven myths that consumers commonly hold regarding their credit score. Over the course of the next few weeks I am going to breakdown each myth and help you better understand how your credit scores are determined so that you can achieve a better outcome for your next loan application.

The second myth is that having a lender pull your credit report will ruin your credit score. It is true that credit inquires will reduce a consumers credit score. For each consumer the impact will be different, but for most the adverse effect is very small. In fact, according to THIS ARTCILE one credit inquiry will only reduce a person’s score by less than five points. Take a moment to watch this short video to learn about the special exception that applies to the mortgage industry pulling your credit:

Please contact me today to learn more about how your credit will impact your next home loan process.

The views and opinions expressed in this site are those of the author(s) and do not necessarily reflect the official policy or position of Cherry Creek Mortgage Co., Inc. This is for informational purposes only. This is not a commitment to lend.