Pre approval from mortgage lender affects our score but credit card don't why?

[Anonymous]

When we get the credit card pre approved offers it is soft hit, it does not affect our score but when we ask for pre approval from mortgage lender it affects our score why?

They both are pre approvals are not they?

Pre approval is not actual borrowing.

Please explain.

[Anonymous]

they are not the same.

On a cc pre-approval they send out hundreds/thousands of letters to people who fall into a basic credit profile.  It only takes a couple questions and a couple minutes to verify info and approve/deny the applicant.

On a home loan, the pre-approval is the process you go through to get approved for a loan that then becomes contingent upon you finding a house and everyhting checking out.  Without running a full credit check, they can not get all the info and have accurate info to base a pre-approval.  THe process is much more time consuming and they will nto do so without a full report.  Also, once you call a CC application bac and actually apply, they WILL usually run a full credit report.

[DallasLoanGuy]

You initiate the establishing of credit(hard inquiry) is the reason for the ding. the ding/credit score hit is because establishing credit makes you a bit more risky.

You didn't apply for the credit card(soft inquiry) so no ding.

[Anonymous]

No big deal at all, but there is no need to start a second thread on what was essentially the same topic, it just muddies up the main page.  Either way, no big deal.

[Anonymous]

But is there any way someone can else pull credit and give us pre approval letter so it can be considered soft hit?

For example can I request my bank officer to give me pre approval and still show as if he initiated the process, I did not request him to do so..same as credit card.

[rockymtngrl]

no, there is NO WAY to get a mortgage without taking a hard hit. Its really not that big of a deal.

[DallasLoanGuy]

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@Anonymous wrote:

But is there any way someone can else pull credit and give us pre approval letter so it can be considered soft hit?

For example can I request my bank officer to give me pre approval and still show as if he initiated the process, I did not request him to do so..same as credit card.

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you could bring in your own reports..... but it wouldnt be a solid preapproval.

and no upstanding loan officer would issue a preapproval letter based on your reports.