• Thrive Mortgage Co.

DOES A PRE-APPROVAL AFFECT MY CREDIT SCORE?


So you may be wondering, does it hurt my credit score if I move forward with an application to be pre-approved?


The reason people ask this question is because if you do a hard credit check (full breakdown of everything to know about your credit in a report), the common understanding is that this negatively impacts your credit. While this might be half true, it's not completely true.


For example, if we're pulling your credit and you haven't done a credit check this year or maybe once with another institution, this will not negatively impact your credit unless you have some other credit concerns, such as maybe a number of missed payments or late payments. The interesting thing that we find is that typically people who ask this question are the ones that need to be the least concerned.


The credit reports do allow you to have a certain number of hard pulls each year

that don't hurt your credit. Pulling your credit can sometimes be more

of a story than anything for a lender. When we work with you, we work with every

lender that could be a fit for you and we only pull your credit one time and shop that same credit report to all those lenders opposed to you walking into three or four different banks and doing your own bank shopping yourself.


If you have any more questions, reach out to us!


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