Your Credit Score and How it Affects Your Loan PartIII

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Anthony Pierpont “Your Credit Score”

  • Do Not Apply For Credit You Do Not Need. Whenever you apply for credit, the creditor will obtain a credit report from one or more of the three credit bureaus. Each credit application will stay on your record and will affect your credit score. Even if you are turned down for the credit or change your mind and withdraw your application, your credit score will be affected. This is because each inquiry suggests that you are increasing the amount of credit available to you. Before you give your Social Security Number to someone, make certain you know how they are going to use it. A Social Security Number is almost always required to run a credit report, but don’t let the fear of inquiries stop you from shopping for the best deal when you need auto or home financing. Credit bureaus have recognized that borrowers may apply for credit at more than one place for the same transaction. Generally, the credit scoring companies will consider all auto or mortgage loan inquiries received within a 45 day period as one inquiry so the additional inquiries will not affect your credit score.

We encourage you to obtain a copy of your credit report and to review  it for accuracy before submitting your loan application. If you find any errors, correcting them prior to submitting your loan application may result in better likelihood your application will be approved and also that the time for approval will be lessened. Remember, when you order a copy of your credit report to make sure it’s accurate, this will NOT show up as an inquiry on your record.

How to Correct Mistakes on Your Credit Report.

Because credit scores are based upon your credit record it is very important that you obtain a copy of your credit report from time to time to make certain the information is accurate. If the information is not accurate (for example, someone with the same name as you may have their credit mixed up with yours), you should immediately take steps to get it corrected. No one can do this but you!


The fastest and easiest way to get a home loan is by having a high credit score. This is done by paying your bills on time and having more available credit than you owe. There are other factors considered and a lower score does not mean denial.


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