More Fico
In what I refer to as my former life, I was Vice President in charge of Loan Administration for a subsidiary of Sterling Bank. Sterling was located in Los Angeles's Mid-Wilshire District, an easy commute from my home in Northwest Glendale. The bank was only several blocks from Bullocks Wilshire and I Magnin. Bullocks housed the famous tea room, where you could lunch while models displayed the current fashions. Until the bank relocated to Torrance, I was in job heaven.
In charge of both retail and wholesale (mortgage broker) loan divisions, this is where I originally met Floyd Walters, owner of BWA Mortgage. I have known Floyd for over twenty years and can vouch for his honesty and capability. If you haven’t signed up for Floyd’s Mortgage Facts, you are missing out on a knowledgeable weekly mortgage update. More from Floyd on the FICO:
Fact #1: Will your FICO score drop if you apply for new credit? Here is the answer right from the Fair Isaac web site, it's worth reading closely - "If it does, it probably won't drop much. If you apply for several credit cards within a short period of time, multiple inquiries will appear on your report. Looking for new credit can equate with higher risk, but multiple inquiries from auto, mortgage or student loan lenders within a short period of time do not affect most credit scores. Typically, these are treated as a single inquiry and will have little impact on the credit score."
Fact #2: Another interesting fact about how inquiries affect your FICO scores, right from the Fair Isaac web site: "The score does not count 'consumer-initiated' inquiries - requests you have made for your credit report, in order to check it. It also does not count 'promotional inquiries' - requests made by lenders in order to make you a 'pre-approved' credit offer - or 'administrative inquiries' - requests made by lenders to review your account with them. Requests that are marked as coming from employers are not counted either".
In charge of both retail and wholesale (mortgage broker) loan divisions, this is where I originally met Floyd Walters, owner of BWA Mortgage. I have known Floyd for over twenty years and can vouch for his honesty and capability. If you haven’t signed up for Floyd’s Mortgage Facts, you are missing out on a knowledgeable weekly mortgage update. More from Floyd on the FICO:
Fact #1: Will your FICO score drop if you apply for new credit? Here is the answer right from the Fair Isaac web site, it's worth reading closely - "If it does, it probably won't drop much. If you apply for several credit cards within a short period of time, multiple inquiries will appear on your report. Looking for new credit can equate with higher risk, but multiple inquiries from auto, mortgage or student loan lenders within a short period of time do not affect most credit scores. Typically, these are treated as a single inquiry and will have little impact on the credit score."
Fact #2: Another interesting fact about how inquiries affect your FICO scores, right from the Fair Isaac web site: "The score does not count 'consumer-initiated' inquiries - requests you have made for your credit report, in order to check it. It also does not count 'promotional inquiries' - requests made by lenders in order to make you a 'pre-approved' credit offer - or 'administrative inquiries' - requests made by lenders to review your account with them. Requests that are marked as coming from employers are not counted either".
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