credit profile: too many hits..

[AndyLuchies]

Hi all, does anyone else have a problem with excellent credit history but too many hits on profile possibly dragging down your fico score? I`ve got 7 hits this year and only have a refi and one new rental property to show for it.

Do banks notice if you have 3 hits in 2 days; do they recognize that its probably all for the same thing?
Is there a way to send along an explanation of credit profile? Or do the lenders look past the fico number and search through the profile anyways to see the gold behind the dross...

I`m the victim of trusting a transunion summary that was WOEFULLY out of date with a higher score listed than reality.... I just assumed it would be fairly trustworthy (guess i got what i deserved).
I`ve since switched to equifax which is much better, but not as rosy a picture.

I don`t know if it`s socially acceptable to post your fico score, but could anyone tell me if 709 is generally good enough to not cause red flags? (i understand lenders have different levels of acceptibility)

 

[kboughen]

QUOTE (jessandy @ Oct 9 2009, 05:53 PM) could anyone tell me if 709 is generally good enough to not cause red flags?
Over 700 is great, many investors have difficulty staying above 700 once they start making multiple purchases per year and start using up most of the room on their LOCs. 600 is the minimum you want to see and 680 will give you access to most products.

Hope this helps.

 

[MikeMcCrae]

Most lenders use Equifax. If you don`t check both bureaus regularly at least keep an eye on Equifax. If you request your own information from the credit agencies it will not effect your score. If there are things on the bureau that need explaining you can talk to your broker about them. Sending info doesn`t do anything because what is on the bureau is absolute gospel. If there is a mistake you need to take the steps to correct it but factual information will remain on the bureau no matter how good the excuse. For your own personal credit information and analysis, have a discussion with your broker.

 

[OlegP]

Banks recognize that your inquiries done within a few days of each other are an exercise in shopping for a mortgage. Credit Scoring models, like FICO, are designed to recognize such inquiries (provided the industry code is the same) are for the same reason (auto-loan, mortgage, etc.)

However, the truth of course remains that excessive number of inquiries will impact your credit score negatively. What may help is working with a mortgage broker, as opposed to going to each individual bank personally. The broker will pull your file only once, whereas each bank will generate a separate inquiry.

I would request your own file from Equifax, or even purchase it on line with a FICO score, and include it in your mortgage binder. Often it will give your broker a good idea of who they are dealing with from credit worthiness perspective. Then authorizie them to pull your file only when you have negotiated a deal, and are ready to arrange financing.

 

[mortgageman]

Send me a personal email address and I`ll send you an info pamphlet that gives a pretty good overview of the key components used in determining your credit score.

 

[AndyLuchies]

QUOTE (kboughen @ Oct 9 2009, 06:28 PM) Over 700 is great, many investors have difficulty staying above 700 once they start making multiple purchases per year and start using up most of the room on their LOCs. 600 is the minimum you want to see and 680 will give you access to most products.

Hope this helps.

Thanks Kevin, that`s EXACTLY what I`m looking for. I`ve read over all the pamphlets and stuff but they don`t usually give specifics like you did.
I love this REIN forum, worth its weight in Gold!