cancel
Showing results for 
Search instead for 
Did you mean: 

Pre Approval Credit hit?

Auto Loans for ANY Credit Situation. Immediate Response.
Advertiser disclosure
Contributor

Pre Approval Credit hit?

Quick question.

 

I have been reading different things regarding mortgages loans hitting your credit 30-45 days after approval.

When you do the pre approval, is that what will hit your credit or is it the actual mortgage approval itself?


Starting Score: EQ 625 TU 630
Current Score: EX 711 EQ 685 TU 680
Goal Score: 700


Take the FICO Fitness Challenge

Message 1 of 8
7 REPLIES 7
New Member

Re: Pre Approval Credit hit?

If i'm not mistaken, it's just the credit check itself that hurts your credit.  However, you have 45 days to compare mortgage loans.  After that window, you take an additional hit.  At least that's how I understand it. 

Message 2 of 8
Contributor

Re: Pre Approval Credit hit?

Well, I just did a pre approval and the gentlemen did tell me that it will take a hit of just a few points.. However, it's the score at the time of the "pull" that is used. My middle cs was 680 and that is what they are using if I lock it in. Right before the closing if it hit my credit report and dropped my score THAT is what is used if I "floated" the rate. I have heard differing timelines as far as how long you have before it is another hit... Anyone know the right amount of weeks to do rate searches before it is another hit?

Thanks


Starting Score: EQ 625 TU 630
Current Score: EX 711 EQ 685 TU 680
Goal Score: 700


Take the FICO Fitness Challenge

Message 3 of 8
Valued Member

Re: Pre Approval Credit hit?

wsell when i went to my lender on 04/26/2013 they pulled my score and when i came home i could see the inquiry and it was an alert that there had been an inquiry.  So based on my experience i would say if you are going to allow the mortgage company to run your credit you should be able to see the inquiry immediately and if its going to affect the score it will be sudden.  The 4/26 inquiry was the last lender that i contacted and the score was 10 points lower than when i first attempted to start the process at that point it had been ran 3 or 4 times.  Just my experience 

Message 4 of 8
Contributor

Re: Pre Approval Credit hit?


@stevieswife2011 wrote:

wsell when i went to my lender on 04/26/2013 they pulled my score and when i came home i could see the inquiry and it was an alert that there had been an inquiry.  So based on my experience i would say if you are going to allow the mortgage company to run your credit you should be able to see the inquiry immediately and if its going to affect the score it will be sudden.  The 4/26 inquiry was the last lender that i contacted and the score was 10 points lower than when i first attempted to start the process at that point it had been ran 3 or 4 times.  Just my experience 


Thanks for scaring me now.... lmao

 


Starting Score: EQ 625 TU 630
Current Score: EX 711 EQ 685 TU 680
Goal Score: 700


Take the FICO Fitness Challenge

Message 5 of 8
Contributor

Re: Pre Approval Credit hit?

Well, the inquiry hit my credit report, but it did not change my score... Smiley Happy


Starting Score: EQ 625 TU 630
Current Score: EX 711 EQ 685 TU 680
Goal Score: 700


Take the FICO Fitness Challenge

Message 6 of 8
New Member

Re: Pre Approval Credit hit?

Only lost 3 points with the first lender pre approval which doesn't effect the first decision.  If rates continue to rise there is no sense rate shopping take your first lock. 

Message 7 of 8
Frequent Contributor

Re: Pre Approval Credit hit?

My scores didn't move with my pre-approval credit pull. This matches my understanding that the score isn't affected until 45-60 days after the pull. This gives you time to rate shop without the score changing from the first bank to pull your score.

________________________________________________________________________________
Message 8 of 8
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.