Hello. The answer to your question is yes. You can make appointments and sit down with as many banks as you like for a mortgage, your credit may be checked many times but the credit bureau is aware that people shop for a mortgage rate and take that into consideration when seeing all the credit checks. As a Mortgage Agent my job is to do exactly that for my customers, I have access to all the major lenders and even the smaller lenders that have better rates because their names are not as well known. I pull only one credit bureau and with that bureau I can shop the mortgage to all the lenders to find a lender that has the best rate and the best product for your particular situation. I do all the running around and I do not charge my clients for my services. I am available from 9am to 9pm and can handle all the small stuff for my clients, I also work across all of Canada except Quebec. Contact me at any time: Abraham Niyazi Mortgage Agent Lic#M08010640 www.easyrate.ca 416-993-4082 1-866-728-3708 x 115

You can but there is no point. It is bet to hire a mortgage broker who will search all lenders to find you the best mortgage rate. The broker will search through all the lenders using a mortgage broker software and see who gives the best rate. Then you can take this offer to your home branch and see if they can beat it. This is the best way to obtain the lowest mortgage rate.

Every time the bank will request your credit information, your score will drop. So you have to be careful how many times you should do it. You don`t want to have to many requests to the Credit Bureau.

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In my personal experience, a much better way to do this is to go through a reputable and professional mortgage broker. By doing so, you will be able to communicate with real people who understand your particular circumstances. They will be able to give you feedback in advance, so that you will know what your chances are, and what you may qualify for, before even applying. They have broad resources, and will easily match up your needs with a lender before hand. After closing, your mortgage would then be sold to another lender - though in my cases, they were already bought before closing. To protect your credit score, it's not a good idea to have multiple applications going at one time.

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I make additional principal payments on my mortgage regularly. the last two times i made a significant principal payment, the bank split the additional payment up and applied it to multiple months in the future! now i have to pay interest i wouldn't otherwise had to if the principal payment had been applied on the month that i made it! it has only begun happening this year. is this a new law, or what?

Write a separate check that says PRINCIPAL ONLY with your account number on it. If you have a payment stub you send in, it may have a line for additional principal. You might have to call and gripe, just because the data entry people are not smart on this matter. I prepaid large chunks on my principal when I had a mortgage and usually made a separate payment just to be clear to everyone. One time it was mis-applied as yours is and I called and they corrected it. If you don't get the response you want, ask for a supervisor. Don't worry about the interest ... it is minimal on one month for the amount of added principal. Get the mortgage paid off and that will really show them! Good for you for paying down your debt.

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This week, i know for sure that we won't be able to pay our monthly mortgage for the first time. my husband has been laid off for almost 6 months now and we have used up all of our resources. used our credit card to pay some bills, buy groceries, and everything else. it's so hard especially that we have a 7 month old baby. i tried to refinance my condo with multiple banks and even online(quicken loans) and we have been denied because we don't have enough source of income. my credit score as of today is 679 and have never been late with anything but all of our credit cards have been maxxed out. we have about 30k in cc debt. can anyone give us some advice on what to do? i'm thinking of foreclosure and just move to an apartment. we don't want to do any loan modifications. i'm willing to give the condo up but in the future, i would still want to finally get a nice house of our own. we're trying each day to be optimistic but things are getting out of hand lately. i would appreciate your suggestions.

Call your mortgage lender and have them help you with this problem. The banks really don't want to forclose on properties since they are responsible for upkeep until the place is sold. That means paying to have lawns mowed, driveways and sidewalks shoveled, heat in winter months, cleaning, etc. Call, explain your situation and see if they can work something out that will be agreeable for both parties. If you have paid your mortgage down, the bank may accept an interest papment instead of a full payment. They will be able to answer this question best since they will know what paths are available for you. Good luck.

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Information requested by a person new to the us --------- consider the following situation that i apply on consecutive days day 1 wellsfargo bank for home mortgage loan day 2 bank of america for auto loan day 3 digital credit union for credit card day 4 ... ... ... day 13 citizens bank for home mortgage loan day 14 us bank for personal loan ... ... day 28 capitalone for credit card day 29 kohl's store credit card day 30 walmart credit card will all the instances of my credit pull by different lenders show up in my credit report? or, will only the first credit pull in a 30 day consecutive credit pull period be reported? --------- myth or fact: for the first lender that pulled your credit, you have 30 days from that day. it will only count against you once regardless of how many lenders pull your credit. they do that so it gives you enough time to shop and compare different lenders. http://www.trulia.com/voices/home_b uying/when_multiple_lenders_pull_yo ur_credit_within_wha-120191 ---- myth or fact: the credit bureaus understand that savvy consumers want to review multiple loan offers, so the bureaus consolidate all mortgage loan credit inquiries within a certain period (which can range from 14 to 45 days) and count them as one inquiry. http://www.lendingtree.com/credit-r esources/advice/understanding-credi t/credit-inquiry-faq/

All inquiries will show on your credit report. Multiple inquiries from different mortgage or car lenders will only be considered as one in your score calculation. This takes into consideration that people shop for finacing for these large purchases and are not really looking for multiple mortgages or car loans . However, it is a different tale with credit cards and any other type of loan. Since you could very well get multiple credit cards or other loans. In the schedule that you listed, applying for a mortgage, car loan, personal loan, and 4 credit cards in a 30 day period, won't be going well for you. Creditors will take one look at all those applications for new credit and decline your application. It is never a good idea to apply for any other new credit lines when you apply for a mortgage. All that potential new debt means your debt to income ratio is likely to be outside their requirements.

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I heard that every time someone runs a credit check on you, it affects your credit rating (in a bad way). since different banks offer different mortgage rates, and that some banks are tougher to get a loan than others (due to meeting stricter company criterias), how can the potential borrower shop around for the lowest rate that he or she can definitely qualify for if he or she can't go get pre-approved from different banks? if the borrower decides to do so, when its time to actually apply for the loan, the bank can reject your application because they think either you have tried to apply from different banks and got rejected already, or that you have multiple loans taken out already since the credit report does not indicate the purpose of past credit checks. therefore, is it a better idea to get pre-approved by one bank and use the same bank when its time to apply for the mortgage loan? please correct me if i have mentioned anything that is untrue. thank you all in advance.

Whoa ok, this is not as complicated as your assuming! 1. You most likely will HAVE to get pre-approved for a seller to take your offer on a house seriously. 2. Do go and get pre-aproved a few places to see where you will be able to get the best deal (rate.) The key is to do this all within a few days so that it only affects your score once and not several times if you were to drag it out. (This change to how scores are calculated was done b/c it is reasonable for people to shop around for the bext rate.) 3. And they WILL know the reason for your inquiries even if you don't take out the loan ;) 4. Once you find a lender you are confortable with then you will know who to go back to once you do put an offer on a house and it is accepted and you need to go back and finalize the funding. Hope this helps, I know it's daunting, but it's so worth it in the end!

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Someone said too many cards can damage your score. i'm a sucker for a no interest promos... but someone advised me not to open any more. i do not have any debt. i manage them well. never had a late payment. now if i start closing them will that damage my credit? also i thought 850 was the highest score you could have yet my score was just under 900... vantage score? what do the banks look at when applying for a mortgage? whats the best way to make my score higher in this situation?

Vantage scores are a different scale than FICO. Creditors use FICO scores. You can get FICO scores for TransUnion and Equifax at MyFico.com. Consumers can't get FICO scores for Experian anymore. The Equifax site will give you FICO scores. TransUnion and Experian sites use Vantage. Third party monitoring services use Fakko scores. There is a point where you can have too many credit cards but that number is pretty large. It's really not having the open credit cards that hurt your score, it's carrying balances of more than 30% of you limit. Pay off the balances and your score rebounds. Closing accounts could hurt your score, but if you don't carry balances it won't be much. If you don't use the cards on a regular basis (every 6 months at least), the credit card company will close the accout due to inactivity. Also, some cards are starting to charge fees for inactive accounts. The problem with having a stack of unused credit cards sitting in your sock drawer is potential fraud and ID theft. You have to secure and monitor all those accounts. I recommend that you keep the two oldest major credit cards that do not charge annual fees. If you have another couple major cards with better rates/limits/rewards, keep those as well. It's also a good idea to not have all your credit cards with the same bank. Only keep store and gas cards if you have a specific purpose and actually use them. Close accounts via letter and request written confirmation that the account is closed and 0 balance. Keep that confirmation in your forever financial file.

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When i first turned 18 i got my first credit card with td with a limit of $500 within the last 6 months they have increased my limit to $750 and pre approved me for $1500 in over draft protection. 2 months ago i applied for a master card because i needed a higher limit and i didn't like the points my td card gave me i was approved with a limit of $2500. last week i went into my bank at td and the teller informed me that i have been pre approved for a new card with a credit limit of $14500 i took them up on this offer. i have been told that having 3 credit cards is bad because now i have the potential to get myself into alot of debt and when i go to apply for a mortgage i will not get it due to my high credit limits, although i never cary a balance on any of my cards i always pay them all off even before i get my statements. i was also told that i should get a line of credit instead of the last card with the $14500 limit. is this true? i need some credit advice! also does it look good to have such big limits even though i will never use all of it?

That's the trick to getting those 800+ scores. Never carry a balance - you have amazing credit by doing this. I don't like that much of a credit limit. I would reduce it - it just takes a phone call. Note: Any time you use more than 30% of your credit limit you start reducing your score. So bring down the limit to a point that you'll never spend over that 30% usage. You can always increase the limit again later by just calling them. Three cards will not hurt you. Keep paying in full, reduce that limit, and you'll be fine. One note - I like to pay when I get my statement. Creditors report on the closing date. You want to show some usage of your credit cards on your credit reports. The credit line is a good idea - only if you need the money. When they tell you that is because a mix of credit is 10% of your score - not enough for me to pay interest - but some like to do that. Might be a good idea if you want a house someday though. Consider a secured loan with money you have in the savings. This will report as an installment loan. With the big limits a future mortgage creditor may suspect you'll go on a spending spree after buying your home - it could harm you. /

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Myself and my girlfriend applied for an auto loan. we both have average credit. mid 600's for credit score (both of us). we have no other auto loans right now. as far as credit history, we have a house mortgage of about $1,000 that is up to date and has always been paid on time. we have a few credit cards, which have also always been paid on time. the credit cards are not maxed. we have excellent payment history and we've had our mortgage now for almost 10 years. we applied for an auto loan on a brand new vehicle. total requested amount was $38,000. keep in mind we have no other auto loan, just the mortgage and credit cards, and we were denied by the dealership, who checked multiple banks. there is nothing negative on our credit report. is the current market and economy affecting this at all? we certainly make enough to live comfortably. our modest milwaukee suburban home is about 1,400 square feet, property taxes are about $3,800 a year. our combined income is just under 90k a year. not rich, but not poor either. the last auto loan i had was for $31,000. 60 month term, it was fully paid off in 31 months. so given that factor, and that any credit we had has always been paid on time makes me curious why we weren't approved. i wonder if putting 25% down on it will help with approval....

Because of the current recession, mortgages were among the first consumer products to be hit by the credit-market freeze. Now car loans and leases are drying up as dealers, auto-finance companies and other lenders are having trouble finding money to lend to car buyers. For shoppers with good credit, financing is still usually available, especially among healthier foreign auto makers like Toyota Motor Corp. and luxury companies like BMW AG. But overall, financial institutions have become less likely to lend. Credit unions and so-called captive-finance companies -- the lending arms of major auto makers -- are likely to offer the best chance of getting a loan. Paying down outstanding debt to boost your credit score could also help. And car shoppers should consider turning to the used-vehicle market if they can't get financed, or at least settle for a less-expensive car.

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When i was 10 (12 yrs ago) i lost my documents in a public place. it was my ss card, my birth certificate and my vaccination records. i recently try to apply for a credit card and when they ask me certain multiple choice question to confirm my identity, like previous address etc. it also ask me two questions that surprise me. what bank did i use to take out a car loan in 1999 and which bank do i have a house mortgage with since march 2010... they thing is i never did any of this 2 things. i was 11 in 1999. right now i just applied for a credit card and im waiting for their response but i wanted to know if there was any way for me to find out what bills, mortgages or loans are out there under my social security number and and name. if there any website that would pull that up? if so is any of them free? thanks

These are security questions and they often ask trick questions. The correct answer would be "none of the above". Go back and answer all the questions completely so that you can get a copy of your report. You will probably find there is no problem. You can get your free annual credit reports from each of the three credit bureaus online thru AnnualCreditReport.com. It is more likely that you are being turned down for the credit cards because you have no credit history.

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Information requested by a person new to the us --------- consider the following situation that i apply on consecutive days day 1 wellsfargo bank for home mortgage loan day 2 bank of america for auto loan day 3 digital credit union for credit card day 4 ... ... ... day 13 citizens bank for home mortgage loan day 14 us bank for personal loan ... ... day 28 capitalone for credit card day 29 kohl's store credit card day 30 walmart credit card will all the instances of my credit pull by different lenders show up in my credit report? or, will only the first credit pull in a 30 day consecutive credit pull period be reported? --------- myth or fact: for the first lender that pulled your credit, you have 30 days from that day. it will only count against you once regardless of how many lenders pull your credit. they do that so it gives you enough time to shop and compare different lenders. http://www.trulia.com/voices/home_b uying/when_multiple_lenders_pull_yo ur_credit_within_wha-120191 ---- myth or fact: the credit bureaus understand that savvy consumers want to review multiple loan offers, so the bureaus consolidate all mortgage loan credit inquiries within a certain period (which can range from 14 to 45 days) and count them as one inquiry. http://www.lendingtree.com/credit-r esources/advice/understanding-credi t/credit-inquiry-faq/

That only applies to mortgages and auto loans so your 2 mortgage applications will count as 1, your 1 auto application will count as 1 and your 5 other applications will count as 5 for a total of 7. They will all show but instead of taking 8 hits you only took 7.