Question: I've been told that too many lenders checking my FICO score can actually hurt my score. I am not clear on how I am supposed to comparison shop without causing my score to drop. What should I do?
Answer: Go ahead and shop for loans. You want to make sure you are being well taken care of by your lender. Just make sure that you do your shopping within a 2 week period. Lenders don't like to see that you have a lot of inquiries because that may mean that you are going to pile on a lot of debt. This is risky for lenders. This is not the case. You aren't applying for a lot of mortgages; you are applying for one. People in the financial industry can appreciate you being responsible and shopping around. The people at Fair Isaac have created a way for you to shop without affecting your credit score. Do all of your shopping within 2 weeks.
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