“Will my credit score drop if I pull my credit?”

·  “Will my credit score drop if I pull my credit?”

·          Annette Bui| Updated May 11, 2020 | Mortgage Programs 101

·                      This is a very common thing I get asked every day. The answer is quite simple. It all depends on the number of times your credit is pulled. In addition to the number of new accounts you opened within the last 12-month period. How many late payments you have had more than 30 days in the last 12-month period. How many credit cards that are close to or over the maybe even over the limit. Credit score factors are all dependent on the layers of risk factors. The more it seems you really need credit to maintain cash flow, the higher risk and higher percentage of credit used will affect your scores. Overall, when you are shopping for a mortgage. 

                Any inquiries that you have within a 45 day window will be consolidated as one pull. The credit bureaus implement this to ensure you are not tied to the first lender you speak with and can gather all the information you need. Statistically, people who have more than 5 inquiries on their credit report are also almost 10 times  more likely to default or file bankruptcy than another consumer without any credit inquiries.