Can credit inquiries hurt your credit

Over the weekend, we were helping a couple of our Boston Beacon Hill condo buyers that had come to us with a pre-qualification from their bank. As we toured some of the available Condos For Sale throughout Beacon Hill, we began discussing about their pre-qual and about how we thought it would be a good idea for them to get a second, even third opinion before locking in a rate/terms. The main concern that our client had was the multiple credit inquiries that the second opinion would have on their credit score. This is a very common concern that we have run across with our clients, and rightfully so, as multiple credit inquiries can absolutely have a negative effect on your credit score.

Good News

So here is the good news. Mortgage and auto inquiries affect your credit a little differently. While the initial credit pull does count as an inquiry, any subsequent inquiries within the next 30 days, in the same industry, are grouped together and counted as one. The credit reporting agencies know that when you’re going to rate shop when looking for a large loan such as a mortgage or auto loan and do not penalize you for trying to find the best rate. Thankfully so because in some instances, such as auto shopping, the dealer may pull 5-10 different lenders to see who offers the best deal. Luckily, we were able to relay this information to our clients and give them the peace of mind that their good credit score would remain intact and they ended up getting a second and third opinion and saving over 0.75% on their rate.


Hopefully this information helps you while searching for the mortgage loan that best fits your need. Please don’t hesitate to contact us with any other questions about Beacon Hill condos or to inquire about a Downtown Boston condos for sale. Have a great week.


Author Profile

John Ford
John Ford

Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs

In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.


For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.


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John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.

John Ford
Ford Realty Inc
137 Charles Street
Boston, Ma 02114



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