176. HOW DOES SHOPPING FOR A LOAN AFFECT A BUYERS CREDIT SCORE?

GOOD NEWS FOR HOME BUYERS. California passed into consumer law protection for borrowers who shop for loans from several lenders within a short time period. As you know, “inquiries” is a derogatory event and too many inquiries within a short time may have a significant negative impact on anyones credit score.

The new law allows consumers to apply over a 30 day period for a loan from several lenders in the purchase of an automobile or a home without any effect on the credit score – not even a single inquiry will show. Additionally, several inquiries for credit of the same type made within any 14 day period are treated as a single inquiry regardless of the number of inquiries.

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