Perusing the news this morning I came across a nicely laid out bit of information in the LA Times about this very same thing.
And, what I didn't know, was that they way the credit request is ID'd can make a little impact, or none, on your FICO score!
If you are shopping for a home loan make sure your lender ID's the inquiry as such. Same as with an automobile. Those are apparently the 'safe' requests.
Now, and this piggy-backs on another touchy subject of mine, don't go around opening a bunch of new credit lines with local stores...the ones to fill your new home with furniture?!?!? I always say don't go spending a bunch of money during escrow, don't get new credit cards and think you can charge them up. AND, just sending out inquiries for new credit cards can ding your FICO just enough to not qualify for that loan at the end!
So, while safely shopping for the best rate is seemingly okay, it is NOT okay to be shopping for the best credit cards at the local stores until after escrow closes!
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