Terrified

[forever1948]

Hello All -

I have been repairing my credit for about 6 months now. I am thinking of applying for a home loan but I am scared that the hard pull will bring down my credit score. If I get rejected, then I have no home loan and my score dropped. Or am I blowing this out of proportion?

Thanks!

[fishbjc]

If your score drops, it will be only a couple of points if any.  I had two inquiries and lost 2 points. 

[forever1948]

Ok. Thanks for the info!

[Lel]

Where are your scores at now?  If they are still not quite up to snuff, then you might want to delay your application until you're in a better position to get approved.

As was already mentioned, a hard inquiry won't tank your score.  But if your scores are hovering in the low 600s, then those few points could be a larger factor. 

[SonorityGenius]

Do NOT apply for a mortgage as of yet.

Sign up for a daily puller like CreditSecure and monitor your reports daily, bring util down as much as you can, record when cards report balances and try to minimize balances, THAN pull your myfico scores and make sure they are all above 620 (for optimal rate FHA, any lesser it may end up costing you)

Make sure you have no pending disputes, incorrect addresses, or even name variations

These things help smooth out the rough UW road that lenders have forced on consumers nowadays -_-