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jgibb4305

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Does getting a mortgage pre approval hurt your credit score?
If I'm shopping for a mortgage company, will their inquires affect my credit score.

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All inquiries on your credit does have a small negative impact on your scores (10% of your FICO score is based on #of inquiries).  However, if you do all your credit shopping within the same 30-day period, it will only have the effect of one inquiry, even if you shopped around at 10 banks.  Creditors realize that we have to shop around when it comes to large purchases, so they cut you slack when you have the same type of inquiry within a 30 day period.

Personally, I think getting pre-approved is a great idea if you are serious about purchasing a home; it makes you much more attractive to the realtors since they know you aren't just "browsing".  In addition, if you want to purchase a HUD home (which are some great deals by the way) you HAVE to be pre-approved in order to look inside the home.  HUD homes go very fast and realtors don't waste their time if folks aren't pre-approved.

Good luck and hope this helps!

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