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01-29-2015, 03:35 PM #1
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This is most likely a function of the different lenders pulling credit have different type codes (bank, finance company, dealer credit, etc.). Also, a drop of 10-15 points for the initial inquiry is about right depending on the bureau.
Here's an article I found from Equifax that affirms it applies to both mortgage and auto loans, again assuming that all inquiries coem from the same type code. Credit card hard pulls don't trigger a grace period for multiple inquiries given the nature of that lending market and the possibility that the applicant could in theory accept and open multiple revolvers at once.
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01-29-2015, 03:51 PM #2
"Remember, not all inquiries are created equal; only a hard inquiry will impact your credit score. A hard inquiry is when a mortgage lender, landlord, bank, or other creditor accesses your credit report because of a transaction you initiated. The key here is that you initiated this inquiry by asking for a line of credit from a lender.
The other two types of inquiries generally do not have any effect on your score. A soft inquiry is initiated by someone other than you, such as a lender or creditor. Think of the promotional offers you get in the mail. You didn’t ask for that pre-approved credit offer, but someone at the company pulled your information."
So all you junior brokers out there who tell the merchant it is a soft credit pull are lying.
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01-29-2015, 04:08 PM #3
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Unless they are only sending deals to lenders that have agreements with bureaus that let the inquiry count as a soft pull. I see credit reports all the time where the borrower has a balance with another lender, but there is no inquiry from said lender (or any inquiries at all) around the time they got funded initially.
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