Similar to interest rates, credit scores can change daily based on a variety of variables; length and history of credit, newly opened accounts, utilization of revolving debt (high credit limit/outstanding balance), judgments, collections, tax liens, account lates, etc. One variable that is often grossly misunderstood about credit scores is the dreaded credit inquiry. Over the years, We’ve heard everything from a single inquiry can ding a credit score 10 points, 20 points, 50 points. But the truth is that a single inquiry or even multiple inquiries will not negatively impact an individual’s score on its own and in particular if the inquiries were for the same purpose, like applying for a mortgage as an example.
Now you know….
This and so much more has been covered in our weekly live RLG community events. If you are not already a member please join us by using the link to subscribe below and if you are, be sure to look for the video on “How to read a credit report and how to optimize your credit score”. Look forward to seeing you Tuesdays at 4:30 Eastern / 1:30 Pacific! I’ll bring the education and you bring the questions 😊
Thank you for trusting RLG with your most important mortgage lending. We remain on standby ready to serve you.
