How much does getting pre-approved for a mortgage lower my credit ranking?
I'd like to get pre-approved, but if I don't move about through with buying a house, I hate to own my credit score lowered just because I applied/was approved for a loan.
Answers:
You might want to check out this website regarding your credit chalk up (and getting a free report):
http://www.squidoo.com/how-to-protect-my…
Don't own your credit pulled till you have and accepted tender on a home. My mortgage officer hasn't pulled my credit yet till we have an permitted offer on a home. She pre-qualified us and used that to give the trader our pre-approval letters. But if you must have your credit pulled it shouldn't hurt your rack up that much, maybe a few points to 5 points.
A mortgage lender doesn't use the gain like a credit card co.
The lender will go string by line through your reports, scores are only a guide line. You can have a great mark but virtually little credit.
Auto financiers do not use scores either.
If they did a 'soft' inquiry on your credit, it wont hurt it. It is lone when you go though the loan process that it takes a few point (3-10) sour of your score.
The credit pull might lower your win about 5 points and some folks indicate it take 3 to 6 months to take the 5 points back. However, if you are serious about house hunting, the advantages to getting pre-approved outweigh the 5 point hit.
i dont think pre approval lowers your score
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Answers:
You might want to check out this website regarding your credit chalk up (and getting a free report):
http://www.squidoo.com/how-to-protect-my…
Don't own your credit pulled till you have and accepted tender on a home. My mortgage officer hasn't pulled my credit yet till we have an permitted offer on a home. She pre-qualified us and used that to give the trader our pre-approval letters. But if you must have your credit pulled it shouldn't hurt your rack up that much, maybe a few points to 5 points.
A mortgage lender doesn't use the gain like a credit card co.
The lender will go string by line through your reports, scores are only a guide line. You can have a great mark but virtually little credit.
Auto financiers do not use scores either.
If they did a 'soft' inquiry on your credit, it wont hurt it. It is lone when you go though the loan process that it takes a few point (3-10) sour of your score.
The credit pull might lower your win about 5 points and some folks indicate it take 3 to 6 months to take the 5 points back. However, if you are serious about house hunting, the advantages to getting pre-approved outweigh the 5 point hit.
i dont think pre approval lowers your score
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