#Does Prequalifying for a Mortgage Ruin My Credit?
Mortgage prequalification credit inquiries typically won’t harm your credit score.
Mortgage prequalifications are fast. They aren’t thorough evaluations by loan officers meant to advise you of your probability of getting the mortgage you want. If you’re aware of your current credit score, relay it to a loan officer. If the officer doesn’t pull a credit report, bank policy may require that she put a “disclaimer” on your prequalification approval, stating that no credit report was pulled. Your approval could be affected when a report is received.
When you apply for a mortgage loan, the lender will order a mortgage credit report. Unlike a “soft” credit report that’s done for personal loans, this report is a combination of all three national credit bureaus: Equifax, TransUnion and Experian. This report is a “hard” inquiry and will lower your credit score by a few points, but this won’t ruin your credit. Each credit bureau will report the mortgage inquiry and, if you apply for a mortgage within a few weeks, you suffer no credit score decline.
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