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Quick about pre-approval inquiries

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MamboItaliano
Frequent Contributor

Quick about pre-approval inquiries

Initially the lender runs your credit for a preapproval (a real preapproval). 

 

I am wondering if you are approved at that time, do you ever have your credit run a second time during the buying process?  

 

Re-entered the garden on 9/16/2013.


Starting Score: (TU) 517 (EQ) 469 (EX) 519 (6/1/2010)
Current Score: (TU98) 714 (TU04) 712 (EQ Beacon 5.0) 672 (EX -FICO v2) 724 (6/13/13)
Goal Score: 700 Club for all 3 (2 out of 3 so far)


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namvet
Established Contributor

Re: Quick about pre-approval inquiries

Yes they will run your credit report again after the initial application.  Another report will be pulled after final approval usually just prior to closing and funding of your loan.   So don't apply for any new credit or add debt after your application is processed.  It is best not to apply for any new credit 6 months prior to application.

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