13+ Easy Ways Does A Preapproval Affect Credit Score. Prequalification is typically considered a soft inquiry, and it won’t hurt your credit all on its own. This type of inquiry can have a small negative impact on your credit score. Credit reporting companies recognize that many people shop around. Lenders make a credit inquiry each time you apply for a loan.
This is called a “hard” inquiry, because it can actually affect your score. This is known as a hard inquiry, which alone lowers your score if just a little bit. This is why experts warn not to.
How might a prequalification or preapproval affect your credit score?
This is why experts warn not to. In most cases, that means a hard inquiry on. When a borrower applies for a home loan, the lender will check their credit reports and scores.
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Given that credit scores range between 300 and 850, on balance, 5 points makes less than 2% difference.
