I would also suggest that you use the service of truecredit.com to keep up with who is pulling your credit.
They will email you if changes occur.
When dealing with a new lender, I take a copy of my credit report and tri-scores with me. I know before he
can actually process a loan he will have to pull my credit himself, but for now, I am showing him what I am about. (Credit report, scores and current financial statement.)
Now, the conversation needs to be about him and his programs. I will also tell him that he in fact does not
have permission to pull my credit until I say other wise, I use the true credit service and will know if you do.
Many loan officers try to use the whole credit pulling thing, to get you feeling committed to working with them. Inquiries do effect scores, and they have more of an effect on lower scores. Same type inquires pulled in A 30 day period count as one inquiry. If you think that you may need a back up plan ( and you do), have
two lenders pull credit.
If you are wanting to buy several properties, find a money source that can use the same credit report for
90 to 120 days and on more than one deal.
In about three weeks after the first money source pulls your credit have the second lender pull your credit.
Now, you have two sources and though two inquires, they only count as one. If you have chosen your money
sources wisely, you should not have more than 4 inquiries count against you per year, regardless of
how many purchases you do. And you will have two money sources to deal with at all time.
Most every loan officer will tell you that they can hang the moon and when they can’t, they will explain
how it is your fault. In fact, if you are talking to the right person, he will have already dealt with the
type of loan that you are needing and with people that have the same financial picture that you have.
He should be able to look your information over and know if he can get it done and for about what
It is best to have this person referred from another investor that is getting what you want.