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Mortgage Lenders Rating

Herman Said:

Does it affect your credit rating if you get a mortgage quote from a few different lenders?

We Answered:

Well for the correct answer (as backed up by reference), according to FICO, scores distinguish between a search for a single loan and a search for many new credit lines, in part by the length of time over which inquiries occur. When you need an auto or home loan, you can avoid lowering your FICO score by doing your rate shopping within a short period of time, such as 14 days.

Hope this answers your question.

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