Preapproval hurt Credit Score?

[Anonymous]

Hi,

Does getting a Preapproval for house hunting, hurt your score much 70-80 points or more?

What's your experience?

I'm at 801 now and am on the cusp, such that a hit like 70+ will take to the lower tier.

Thanks,

Sjs

[cobaltnv]

The only effect a pre-approval may have is that an inquiry will appear on your credit report. Depending on your credit reports you might see a 5-10 point ding for that. With an 801 score-- it will be no problem.

[haulingthescoreup]

Well, I've seen inqs hurt a heckuva lot more than 5-10 points for those in the 800's. Not 70 points, though.

Do we know for sure that a pre-approval involves a hard? I can see that it would, as opposed to a soft, but I did want to raise that question.

[Junejer]

I had my high 700s score drop by 12 points due to one INQ last spring.

Yes, without a doubt, the pre-approval process involves pulling a hard on all three CRAs.

[haulingthescoreup]

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ByrdMan wrote:
I had my high 700s score drop by 12 points due to one INQ last spring.

Yes, without a doubt, the pre-approval process involves pulling a hard on all three CRAs.

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Thanks, I figured it would!

So to take advantage of the mortgage inq de-dupe, you really need to pre-qual pretty close to the time you plan to pull the trigger, yes?