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Hard Credit Checks Cost ~6 Points of Your Credit Score

Posted By Jim On 05/16/2008 @ 7:18 am In The Home | 3 Comments

My friend recently purchased a home and had to go through the rigamarole of apply and then re-apply for a mortgage. As it turns out, in the time between his first check and his second check, he had one hard pull on his report (the first check) and his score had fallen approximately 6 points. His girlfriend had the same first check plus an additional credit card inquiry, so two hard requests, and her score fell approximately 11 points. This is pretty consistent with the numbers I’d read online.

Here it is in his words:

If you are interested, [redacted] and I had to have our score[s] re-checked for our mortgage because it had been more than 120 days for us. According to our loan guy, mine [credit score] dropped ~6 points and [redacted]‘s dropped ~11 points. This is consistent with numbers I’ve heard in the past about hard check[s] since I had one more hard check on my record (the previous mortgage credit check) and [redacted] had two (the previous mortgage check and one credit card check). So, roughly each check is ~6 points.

I’ve also heard that all mortgage related inquiries in a 30 day period are lumped together as one check, since everyone assumes you will be requesting quotes from multiple sources. These figures are consistent with that.

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