Inquiries?
If I apply for a pre-qualification for a mortgage, is this considered an inquiry? If I am not qualified for the loan, will this be held against my credit as an inquiry ? Does anyone know what the" damage" would be?
Answers: There will be a small reduction in your overall credit gain, but most Lenders will recognize it for what it is...an inquiry.
Don't be too prolific with the Inquiries, or a potential Lender could be dissuaded from seriously considering your Loan Application.
With adjectives of the Inquiries, it may construed that you have applied for, and been rejected therein, for frequent Loans.
Hope that helps answer your Question.
While you score take a small hit, it isn't the end all. Most can bring up to date why there was a narrowing in your score and they can choose to discount it. An inquiry is not a release sentence. Just don't do on every week.
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Answers: There will be a small reduction in your overall credit gain, but most Lenders will recognize it for what it is...an inquiry.
Don't be too prolific with the Inquiries, or a potential Lender could be dissuaded from seriously considering your Loan Application.
With adjectives of the Inquiries, it may construed that you have applied for, and been rejected therein, for frequent Loans.
Hope that helps answer your Question.
While you score take a small hit, it isn't the end all. Most can bring up to date why there was a narrowing in your score and they can choose to discount it. An inquiry is not a release sentence. Just don't do on every week.