Information requested by a person new to the US
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Consider the following situation that I apply on consecutive days
Day 1 WellsFargo Bank for Home Mortgage Loan
Day 2 Bank of America for Auto Loan
Day 3 Digital Credit Union for Credit Card
Day 4 …
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Day 13 Citizens Bank for Home Mortgage Loan
Day 14 US Bank for Personal Loan
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Day 28 CapitalOne for credit card
Day 29 Kohl’s store credit card
Day 30 Walmart credit card
Will all the instances of my credit pull by different lenders show up in my credit report? Or, will only the first credit pull in a 30 day consecutive credit pull period be reported?
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Myth or fact: For the first lender that pulled your credit, you have 30 days from that day. It will only count against you once regardless of how many lenders pull your credit. They do that so it gives you enough time to shop and compare different lenders.
http://www.trulia.com/voices/Home_Buying/When_multiple_lenders_pull_your_credit_within_wha-120191
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Myth or Fact: The credit bureaus understand that savvy consumers want to review multiple loan offers, so the bureaus consolidate all mortgage loan credit inquiries within a certain period (which can range from 14 to 45 days) and count them as one inquiry.
http://www.lendingtree.com/credit-resources/advice/understanding-credit/credit-inquiry-faq/
BRENT
ELLIS
That only applies to mortgages and auto loans so your 2 mortgage applications will count as 1, your 1 auto application will count as 1 and your 5 other applications will count as 5 for a total of 7.
They will all show but instead of taking 8 hits you only took 7.
Comment by SPIFIMAN1 — November 1, 2009 @ 3:36 am