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another mortgage question

Started by NYCDowntown
about 17 years ago
Posts: 71
Member since: Jul 2009
Discussion about
A few weeks ago a mortgage broker ran my credit report and said it was around 805. I decided to go with my bank and today the mortgage guy at the bank told me my score is now is 789 which is surprising since it's too big of a decrease. The mortgage guy said that he see in his system that the broker last month actually somehow ran my score two times and with another run today, for a total of 3 times, that may have decreaased the score. But is that really possible? almost 20 points seems a bit high. Is this something to worry about? The mortgage guy said it won't affect my interest rate since the score is still good. But it still is a bit odd. Thanks for any input!
Response by columbiacounty
about 17 years ago
Posts: 12708
Member since: Jan 2009

don't really know how this works but i have read that running your score does drop it....seems nuts to me and once again, just quoting something i read.

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Response by Riversider
about 17 years ago
Posts: 13573
Member since: Apr 2009

Welcome to mortgage scores.

Arguably a top 10 contributor to the Credit crisis

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Response by NYCDowntown
about 17 years ago
Posts: 71
Member since: Jul 2009

this is absolutely insane. thanks for the headsup. looks like i am now forced to stick with my bank as if i try to "rate shop" my score is even capable of dropping below 750.

thanks again.

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Response by dledven
about 17 years ago
Posts: 198
Member since: May 2008

actually running the credit score doesn't decrease its value. However, if someone continually re-scores the credit that could have a negative impact. The fact is that when a bank or creditor denies you credit is when your credit will fall hard. Different systems calculate scores differently, also the person who quoted you your score may have given you the high score or the low score. Bank goes off the middle score. Either way there is no difference between an 800 and 750 for rates.
Good Luck!

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