Does pre-approval impact credit rating?

[Anonymous]

Hi, I am hesitant when I should ask for a pre-approval letter because I am still flexible with when to make an offer. Will asking for a pre-approval now and asking for another one three months later impact mine credit rating? (I have such a concern also because I assume a pre-approval cannot be good for too long. Please correct me if I was wrong.) Thanks.

[Booner72]

Hi there - my LO pulled my credit reports Wed of last week and she says they are good for 60 days.  So if we don't get into this house and have to keep looking, credit will need to be repulled in 2 months, which would then require a new pre-approval letter.

BUT, she gave me a preapproval letter back in early May, knowing full well that my scores weren't high enough yet, banking on me getting them high enough, which, luckily, I did.

Hope that helps.

[Anonymous]

so the answer is yes. Will one pre-approval credit check every two weeks look bad? Why lender cannot do as those credit card companies which pull your report but do not impact your credit rating?

[Booner72]

I think it's because they want to let other mortgage lenders know you've been looking.  It's like watching each other's backs.  And you are applying for credit.  Any time you apply, it's a hard inquiry.  I know what you mean about "those credit cards" that do a soft, but if you ultimately do apply for that credit card, it will be a hard inquiry.  At least that's my understanding of it.  I could be wrong.

EDIT:  It won't necessarily "look bad" - I had four different mortgage companies pull my credit since last November.  It's called "rate shopping" and supposedly FICO only scores multiple inquiries as one inquiry if it is within a certain timeframe - 14-30 days.