Please consider registering

sp_LogInOut Log In sp_Registration Register sp_MemberList Members

Register | Lost password?
Advanced Search

— Forum Scope —

— Match —

— Forum Options —

Minimum search word length is 3 characters - maximum search word length is 84 characters

sp_Feed Topic RSS student-icon
Multiple student loan refinance inquires
April 11, 2019
1:22 pm

I found a student refinance borrower and thought I had a good rate so i opted for the hard credit pull on 3/12 and got approved for a decent rate. Recently, i became aware of a different company and they gave me a introductory rate cheaper (4.03% vs 4.98%) than the rate i have already submitted the application and hard credit pull for. How much will that impact my credit score if I submit another application with a hard credit pull at this 2nd borrower? I should note, we are also getting ready to apply for a mortgage on a vacation home. I want to do as least as much damage to our credit score, if possible. Any help/advice is appreciated!

April 11, 2019
2:22 pm
Forum Posts: 357
Member Since:
May 3, 2014
sp_UserOfflineSmall Offline

Great question Megan.

My understanding is that the credit bureaus consider all applications of the same type within a 45 day window to be “shopping around”, meaning it wouldn’t do any additional damage.

To be extra safe though, I’d suggest reaching out to the mortgage company you will be working with to discuss this issue. Another hard pull could be an issue, but getting a lower monthly payment could actually help your chances of getting an approval.

Forum Timezone: America/Indiana/Indianapolis

Most Users Ever Online: 27

Currently Online:
1 Guest(s)

Currently Browsing this Page:
1 Guest(s)

Member Stats:

Guest Posters: 170

Members: 7247

Moderators: 0

Admins: 2

Forum Stats:

Groups: 1

Forums: 5

Topics: 265

Posts: 776