Asked in LoansMortgagesMoney Management
Loans
Mortgages
Money Management
Does requesting mortgage quotes lower your credit score?
We need you to answer this question!
If you know the answer to this question, please register to join our limited beta program and start the conversation right now!
Related Questions
Asked in Loans, Mortgages, Credit Reports, Money Management
Will paying off a mortgage help boost your credit score?

If you have a history of payments made on time and lived up to
the agreement..you betcha!
We paid off our mortgage 5 years ago and our credit score has
decreased according to the credit bureaus this is due to the fact
that we do not have a mortgage. The longer we go without a mortgage
(or car loan) the lower our credit score goes. That is because the
credit score is based on available credit against what you owe. But
having no mortgage is a huge plus when it comes to making a large
purchase because what you owe based on your income will be a lower
percentage.
Asked in Credit and Debit Cards, Mortgages, Home Equity and Refinancing
Is it wise to use a line of credit to pay the principal of a mortgage?

It is never wise to pay debt with debt. However, if the interest
rate is lower on the line of credit you are not creating a problem
you are just moving your debt from on instrument to another. A
mortgage creates equity, so if you cannot pay the mortgage outright
and need to borrow to do it, make sure the line of credit has lower
rates.
Asked in Business & Finance
How can you get the best mortgage rates?

Have pristine credit. The better your credit history is, the
lower your mortgage rate will be.
The worst things you can do to your credit, in the eyes of a
mortgage company:
1) Not pay your bills. This is absolutely the worst thing.
2) Not use credit at all. If you never use credit, the mortgage
company can't determine how you act when you do.
3) Not carry a balance. If you get a credit card, make small
purchases and always pay them in full at the end of the month,
mortgage companies consider that not using credit.
4) Having way too much available credit. If you have many credit
cards, the mortgage company will assume you might actually use all
that credit. If you DO use it all, you won't be able to pay your
house payment.
Asked in Credit Reports, Credit
Does checking your credit report once a year through all three credit agencies lower your credit score?

No and by law you can do it once a year for free at
Annualcreditreport.com
Answer: {| |- | No. Requesting a credit report will NOT
affect your credit. You have the right to look at your credit
report without it affecting your credit or score. When you request
your credit report it's called a "consumer pull" and has no affect
on your credit. The only time when requesting a credit report can
affect your credit is when you ask a possible creditor to inquire
about your credit. This is because it implies that you're possibly
opening a new line of credit.
|}