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Does checking on pre-approval effect your credit?

  Hello!  We are hoping to move this summer and are wanting to see if we are even qualified to get a new mortgage.  I know that credit checks can actually go against your credit (this actually happened to us a few years ago - declined for too many credit inquiries) - does checking for preapproval then proceeding with an actual mortage a few months down the road have a negative impact on credit? 
  • April 13 2014 - Des Moines
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Answers (5)

Do not use a free credit site and then take that into a lender because they will have to pull their own for a pre-approval. Best suggestion would be to work with a broker who has multiple lenders to shop through instead of having each of them pull credit. 
  • June 04 2014
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You will want to have a lender pull a tri-Merged credit report for pre approval, there is really no way to get around that part of the application process. Advice to the contrary is counter-productive so I would get started right away. You will want to know if you need to work on anything now so there is enough time to get it corrected and re-reported.

Not starting early is like not going to the doctor because you are afraid of what the results might be. You need to have a professional see what's in there. Hope this helps,
  • April 14 2014
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If you would like to check your credit you can get a free check from Experian, Transunion, and Equifax. They allow you to obtain one free credit report a year. On the other hand, you can start speaking with a lender now so they can check out your finances to help you get ready for the mortgage. They can look at your credit along with other aspects of your finances as well. Then they can guide you on how to fix any problems so by summer, you will be ready to buy. Either way, the best thing for you to do is to speak with another knowledgeable lender to see if you can get started on financing for your home. If you need additional assistance, feel free to reach out. Good luck!
  • April 14 2014
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Profile picture for daveskow
Pick a lender to be pre approved with .... Allow them to pull a tri merge credit report ..... Ask for a copy of report so you can review Get pre approved so you know if you can get the financing you need Once buying a place in summer - get pre approved file updated Your scores should be find
  • April 13 2014
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Profile picture for John Steeby
According to the FTC, "The Fair Credit Reporting Act (FCRA) requires each of the nationwide credit reporting companies — Equifax, Experian, and TransUnion — to provide you with a free copy of your credit report, at your request, once every 12 months."

So you could get your credit in advance and see where you sit BEFORE seeing a lender.

However you should know that the new QM mortgages require lenders to be much more thorough.

To be honest, one lender is often similar to another, especially if they are being referred by an agent. What you're looking for is service...someone to get your loan and answer all your questions.

If you haven't been approved after two attempts at different lenders, your chances are slim. In that regard, you probably won't be damaging your credit by seeking a loan.  Now if you repeatedly keep trying, then sure, you will ding your credit.

Hope this helps!
  • April 13 2014
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