Multiples credit pulls on a mortgage app

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rbhgncmp
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Multiples credit pulls on a mortgage app

Post by rbhgncmp » Wed May 16, 2018 4:11 pm

My banker made a goof and accidentally ran my credit twice for my mortgage application within a week period. I know that multiple pulls for various lenders during the rate shop period do not affect your credit. Should I ask her to remove one of the inquiries or is this a moot point?

delamer
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Re: Multiples credit pulls on a mortgage app

Post by delamer » Wed May 16, 2018 4:33 pm

Can you remove a credit pull?

rbhgncmp
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Re: Multiples credit pulls on a mortgage app

Post by rbhgncmp » Wed May 16, 2018 4:35 pm

I just mean should I dispute it.

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Pajamas
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Re: Multiples credit pulls on a mortgage app

Post by Pajamas » Wed May 16, 2018 4:37 pm

Is it going to have any real affect on anything even if it does count against your credit rating?

Unless you won't get credit that you apply for or will have to pay a higher rate of interest or similar, why worry about it?

Grt2bOutdoors
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Re: Multiples credit pulls on a mortgage app

Post by Grt2bOutdoors » Wed May 16, 2018 4:38 pm

Fire the banker!

But first, ask banker to tell credit agencies the second pull was in error.
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions

rbhgncmp
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Re: Multiples credit pulls on a mortgage app

Post by rbhgncmp » Wed May 16, 2018 7:42 pm

I don't believe it'll affect it that much. However, I do quite a bit of CC point sign up offers so I like to keep my inquiries as low as possible.

Bogle_Bro
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Re: Multiples credit pulls on a mortgage app

Post by Bogle_Bro » Wed May 16, 2018 7:52 pm

Moot.

Go through customer service for that request. It's inconsiderate to ask the salesperson to spend their time on that.

bstewie
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Re: Multiples credit pulls on a mortgage app

Post by bstewie » Wed May 16, 2018 11:37 pm

Bogle_Bro wrote:
Wed May 16, 2018 7:52 pm
It's inconsiderate to ask the salesperson to spend their time on that.
:oops:

TropikThunder
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Re: Multiples credit pulls on a mortgage app

Post by TropikThunder » Thu May 17, 2018 1:00 am

Bogle_Bro wrote:
Wed May 16, 2018 7:52 pm
Moot.

Go through customer service for that request. It's inconsiderate to ask the salesperson to spend their time on that.
Please tell me you’re kidding.

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goingup
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Re: Multiples credit pulls on a mortgage app

Post by goingup » Thu May 17, 2018 12:14 pm

rbhgncmp wrote:
Wed May 16, 2018 4:11 pm
My banker made a goof and accidentally ran my credit twice for my mortgage application within a week period.
It shouldn't matter. Multiple credit pulls happen when people shop for mortgages.

From consumerfinance.gov:
You can shop around for a mortgage and it will not hurt your credit. Within a 45-day window, multiple credit checks from mortgage lenders are recorded on your credit report as a single inquiry. This is because other creditors realize that you are only going to buy one home.
https://www.consumerfinance.gov/ask-cfp ... t-en-2005/

Bogle_Bro
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Re: Multiples credit pulls on a mortgage app

Post by Bogle_Bro » Mon May 21, 2018 9:11 pm

TropikThunder wrote:
Thu May 17, 2018 1:00 am
Bogle_Bro wrote:
Wed May 16, 2018 7:52 pm
Moot.

Go through customer service for that request. It's inconsiderate to ask the salesperson to spend their time on that.
Please tell me you’re kidding.
Not kidding.

Have someone paid by the hour handle it.

Bogle_Bro
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Re: Multiples credit pulls on a mortgage app

Post by Bogle_Bro » Mon May 21, 2018 9:12 pm

goingup wrote:
Thu May 17, 2018 12:14 pm
rbhgncmp wrote:
Wed May 16, 2018 4:11 pm
My banker made a goof and accidentally ran my credit twice for my mortgage application within a week period.
It shouldn't matter. Multiple credit pulls happen when people shop for mortgages.

From consumerfinance.gov:
You can shop around for a mortgage and it will not hurt your credit. Within a 45-day window, multiple credit checks from mortgage lenders are recorded on your credit report as a single inquiry. This is because other creditors realize that you are only going to buy one home.
https://www.consumerfinance.gov/ask-cfp ... t-en-2005/
Yeah that's 100% accurate, but what about the extremely small chance it will interfere with their credit card churning!

Bogle_Bro
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Re: Multiples credit pulls on a mortgage app

Post by Bogle_Bro » Mon May 21, 2018 9:24 pm

It would be extremely anti consumer if this exception didn't exist for mortgage shopping

For the record tho, cfpb should clarify that the inquries are all still recorded on the report. It just doesn't further negatively affect the score

bayview
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Re: Multiples credit pulls on a mortgage app

Post by bayview » Mon May 21, 2018 10:47 pm

duplicate post; please see below
Last edited by bayview on Mon May 21, 2018 10:56 pm, edited 1 time in total.
The continuous execution of a sound strategy gives you the benefit of the strategy. That's what it's all about. --Rick Ferri

bayview
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Re: Multiples credit pulls on a mortgage app

Post by bayview » Mon May 21, 2018 10:53 pm

rbhgncmp wrote:
Wed May 16, 2018 4:11 pm
My banker made a goof and accidentally ran my credit twice for my mortgage application within a week period. I know that multiple pulls for various lenders during the rate shop period do not affect your credit. Should I ask her to remove one of the inquiries or is this a moot point?
Ideally, when FICO generates your scores, the extra credit pull will be “de-duped” (de-duplicated, meaning NOT counting as a additional credit pull which would affect your credit scores) during the time period of your loan app, since it happened so soon after the legit pull. That’s just looking at scoring impact. Typical de-duping periods are from 30-45 days, depending on the bureau. During this time, multiple mortgage inquiries are clumped into one inquiry (per credit bureau) for scoring purposes, so you’re not hit for the initial pull plus the getting-ready-to-sign pull.

But since there is always the unfortunate posssibility that there is an extended escrow period, or if this sale falls through completely, moving you into an entirely new timeframe due to having to start all over again, I would ask your banker to contact all three (possibly four, but probably the Big Three for a mortgage) and cancel the second pull. She has acknowledged that the second pull was in error, and if she (as the creditor) pulls back the inquiry from all three bureaus, it should go away. This is consistent with the philosophy of making you whole (no undeserved penalty when you did what you were supposed to as a consumer.)

I disagree with those who consider this a moot point or no big deal. Our credit histories get used in a surprising variety of ways, often by people who are convinced that they know what the histories mean and therefore how to interpret them for such unrelated areas as auto insurance or apartment rentals, but they absolutely don’t know how these things work, and decisions can be made that adversely affect the consumer, sometimes in quite non-obvious ways.
The continuous execution of a sound strategy gives you the benefit of the strategy. That's what it's all about. --Rick Ferri

takeshi
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Re: Multiples credit pulls on a mortgage app

Post by takeshi » Tue May 22, 2018 1:02 pm

Even for the non-obvious impact, I'd say it falls under the same sort of consideration that Pajamas stated neared the beginning of this thread. Does the OP foresee doing anything that will require credit assessment in the 2 years that this hard pull will remain on the credit report? How safe does the OP want to play it? In my case, I'd probably inquire about removal but not spend much time on it. A single pull doesn't have much impact in my experience and if it is the straw that breaks the camel's back then it's really more of a symptom than a cause -- i.e. there are other, bigger credit issues at play than the single pull itself.

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