topic Re: Chase Pre-Qualification in Mortgage Loans

Chase Pre-Qualification

Anonymous — Tue, 29 Dec 2009 17:17:59 GMT

Do you know if they do a hard pull for a Chase Pre-Qualification? I'm already pre-approved through Wells Fargo, but my agent told me to get a pre-approval with Chase because the property we're interested in is bank owned by Chase.

The Chase Pre-Qualification Online Form said that they need more info. I called the 800 number, and they said that they can't pre-qualify at this time, but it costs $395 for a pre-approval from Chase.

I hope I didn't just ding my credit for nothing.

My scores were 801ex, 716tu, 703eq before this. I just bought my tu and eq score earlier this week. I'd hate to dish out another 20 bucks again this week to recheck my scores.

Re: Chase Pre-Qualification

Lel — Tue, 29 Dec 2009 18:13:14 GMT

The Chase application almost definitely will result in a hard inquiry. But mortgage inquiries within a 45 day time period are treated as a single inquiry, and any mortgage inquiry is not included in scoring for 30 days. That way, people don't get penalized for rate shopping. So, the WF inquiry should not affect the score pulled by Chase, if that inquiry was made less than a month ago.

Re: Chase Pre-Qualification

donkort — Thu, 31 Dec 2009 22:49:14 GMT

I would say it's a nearly 100%, if not 100%, certainty that a pre-approval involves a "hard pull."

Re: Chase Pre-Qualification

donkort — Thu, 31 Dec 2009 22:52:28 GMT

I forgot to add: if you don't have too many inquiries over the past year, your credit probably will not be "dinged" too much, if at all. I didn't get "dinged" until I had about 4 inquiries. My scores were about the same as yours when I started; they went down some because of the added inquiries. I still got approved, though, and closed yesterday.

Yep....it's true, FICO allows you to mortgage shop; they'll cound 10 inquiries as 1 within a 30 day (I've even heard 45 day) window.