FICO/Mortgage Question and Answer

[sabrinamari]

Question: "What's the best way to handle shopping for mortgages/managing multiple credit inquiries while preserving your FICO score?"

Jeff Wright & Leslie Perry, CPA, creators of the "Creating Wealth on your Current Income" podcast, say:

"If you shop for a mortgage, you have a 45-day window. Whether you ask for 500 mortgage inquiries or 1, it's going to count as one...Compress your shopping to a short period of time and shop around...the same is true for car [loans]. "

Comments

[bnicely.livejournal.com]

I had forgotten all about that bit. When I was shopping around when I bought my first house some years ago, I was told the same thing.