Do multiple pre approvals hurt credit score? how much?

Gigamon / Eng
chitchor

Gigamon Eng

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chitchormore
Jan 15 4 Comments

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TOP 4 Comments
  • If all of the pre approvals are within a short span of time like 7-10 days, they will all be consolidated to 1 or 2 hits as they know you are shopping for something and are comparing rates.

    Other than that, hard hits do hurt the score early on when you have a smaller avg age of credit lines.
    Jan 15 0
  • Aspect AvKW75
    Credit inquiries have low impact on your credit score. Your credit score exists so you can use it to get the best rate. When shopping for something huge like a mortgage go crazy and shop around. Don't worry about an arbitrary number
    Jan 15 0
  • Verizon Media / Eng HG10TW
    Based on the simulator on MyFico.com, my score would drop by 5 points for an inquiry. That could be different in your case, and different versions of the FICO score could count it differently, but I would assume it to be in that ballpark.
    Jan 15 0
  • Verizon Media / Eng HG10TW
    Why do you need multiple pre-approvals? Just to compare banks, get one bank to pull the credit score and ask other banks about their rates based on that credit score.
    Jan 15 0

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