My emphasis on this Pasadena real estate blog has been to provide both home buyers and home sellers the most up to date data of what is going on in our local real estate market. Recently, I've been mentioning that multiple offers have been prevalant in Pasadena and surrounding neighborhoods. Also, as the home buyers that I work with know, pre-approval with several direct lenders is critical to the success of winning your home purchase bid.

The question does come up though - Will my Credit or FICO score take a hit if I get pre-approved with multiple lenders?

Some home buyers are concerned that multiple applications will hurt their credit scores. Rightfully so! If not done correctly, you may see a bit of a deduction on your FICO Score.

READ MORE: 5 tips to improve your FICO scores

Here's what you absolutely need to know:

Multiple credit inquiries and their timing play a role in your overall FICO score!

Credit score agencies usually group together multiple inquiries for the same type of new loan over a short time period. This allows home buyers to shor for their interest rate. However, the duration of that time period varies among different credit scores according to Cynthia Baker, a spokesperson for the Experian credit bureau.

The current FICO score uses rolling 30-day to 45-day "buffers" to group related inquiries, but older generations of the score still in use may have shorter inquiry grouping buffers, according to Craig Watts, a spokesperson for Fair Isaac.

So... if you are shopping for a home for sale, I strongly recommend that you get pre-approved with several direct lenders at about the same time. My suggestion is that you call your real estate agent's recommended home lenders around the same time, not more than a week apart. Both home lenders will require the same information for the pre-approval process. It's easier to just collect the necessary paperwork and forward it to the lenders at the same time.

Once you find your Pasadena home, you can just make a quick phone call to see who has the best interest rate and concentrate all your attention on the home, condo or townhome that you are purchasing.

Buying property in Pasadena doesn't have to be difficult. Make sure that you work with a reputable real estate agent who can take you through the process of buying your next home.


Read More:

Getting More House for your $

9 Stupid Things Buyers do to mess up their home purchase

The fastest way to lose your earnest money deposit


Homes for Sale Information:


South Pasadena City Guide

Pasadena Real Estate Guide

Altadena Foreclosures List

Burbank Foreclosure Home List

Pasadena Foreclosure Home List

South Pasadena Foreclosure Home List



If you are thinking of buying or selling your Pasadena home, condo or town home, please give us a call for a comprehensive and free consultation. We can be reached at 626-629-8439.

Interested in more information about Greater Pasadena Area cities, check out our City Guides below:

Alhambra City Guide

Altadena City Guide

Arcadia City Guide

Eagle Rock City Guide

Monterey Hills City Guide

Pasadena City Guide

San Gabriel City Guide

San Marino City Guide

Sierra Madre City Guide

South Pasadena City Guide

And, if you are interested in fun activities to do, take a look at our 365 Things To Do In Pasadena® page.



Pasadena Real Estate Agents

Pasadena, California