Any mortgage experts on the forums?

[yelped]

Not true.

A higher credit score can lead to a lower interest rate, which can result in lower monthly payments. For example, a borrower with a credit score of 760–850 might receive a 3.307% interest rate, while a borrower with a score of 620–639 might receive a 4.869% interest rate.

In my case my broker told me since my score was slightly lower then 760 the extra credit inquiry did hurt my rate to a certain degree.

I've never seen a lower rate once you're over 740. I should hope anyone on this forum who is buying a house has over 740.

[pointer]

I've never seen a lower rate once you're over 740.

780 is where it maxes out. That’s what I was told by a mortgage broker.

Are you working in the industry? Wondering how much weight your “I’ve never seen” carries.

[Yo ssi]

Probably depends on the bank/lender

[yelped]

780 is where it maxes out. That’s what I was told by a mortgage broker.

Are you working in the industry? Wondering how much weight your “I’ve never seen” carries.

I don't work in the industry but I have been on enough mortgages in the past 15 years.

[pointer]

Bottom line, looks like everyone agrees that applying for a CC can absolutely affect your rate.

It obviously depends on your unique circumstances.


If you have an 800 score probable not. If you have a 744, very likely it will.

[AsherO]

Probably depends on the bank/lender

This, and the type of mortgage (and maybe the state too).

[etech0]

Can we all agree that you definitely shouldn't apply for cards after locking in a rate?

[ckmk47]

Can we all agree that you definitely shouldn't apply for cards after locking in a rate?

Why?  They're not pulling your credit again; they won't know you opened a new card.

[etech0]

Why?  They're not pulling your credit again; they won't know you opened a new card.

I was told they recheck certain things right before closing, and it could derail the whole thing.

[Joel]

I was told they recheck certain things right before closing, and it could derail the whole thing.

+1 they do a soft pull every day

[randomjay]

+1 they do a soft pull every day

They do, but they don’t get you a new FICO, they will ask you to document if you opened a new CC and check the balance to make sure you don’t have new debt that will cause you to disq, but your score and rate won’t change