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per-qualified hard pull and your scores

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Anonymous
Not applicable

per-qualified hard pull and your scores

Hi,

Was just wondering, if you get per-qualified with a lender, they do a Hard-Pull and are approved but you never proceed any further (not able to find a house you like or whatever) how much does that affect your scores? Also, after one year, the hard-pull can no longer reflect on your scores and will drop off after two years? Last, would having a hard-pull for a mortgage that you never completed be a negative if you decided to apply again in another year?

 

Thanks

Message 1 of 5
4 REPLIES 4
Anonymous
Not applicable

Re: per-qualified hard pull and your scores

Anyone? Smiley Sad

Message 2 of 5
Anonymous
Not applicable

Re: per-qualified hard pull and your scores

I believe it would affect your score just like any hard pull. When they pulled my credit for my mortgage score, my scores dropped 9 points.

 

 

Message 3 of 5
DallasLoanGuy
Super Contributor

Re: per-qualified hard pull and your scores

in my experience.... 3 - 5 points usually.

 

lots of factors though. lots of other inquiries might change this. thin credit file might get hit harder.

just my speculation on that though

 

Retired Lender
Message 4 of 5
StartingOver10
Moderator Emerita

Re: per-qualified hard pull and your scores


@Anonymous wrote:

Hi,

Was just wondering, if you get per-qualified with a lender, they do a Hard-Pull and are approved but you never proceed any further (not able to find a house you like or whatever) how much does that affect your scores? Also, after one year, the hard-pull can no longer reflect on your scores and will drop off after two years? Last, would having a hard-pull for a mortgage that you never completed be a negative if you decided to apply again in another year?

 

Thanks


Agree with DallasLoanGuy above. As to the HP being a negative - no.  The lender may or may not even ask you about it. Some lenders only ask about inq's 4 months and newer.  Some go back a little further, but it isn't a big deal at all. Usually they just want a LOE (Letter of Explanation). In real world practical terms a LOE is a sentence or two. You tell them what happened: for example, 'I applied for a mortgage on X date and changed my mind. I decided to wait a year before buying.' 

It really is that simple. 

 

Some LOE's are a little more detailed for different subjects, but in my experience, simple and straight to the point is better.  

Message 5 of 5
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