Hi, I have poor credit and want to get a mortgage. If I apply for pre qualification will it appear in my credit history? And can I apply for pre qualification to more than one place? I do not want to ruin my credit history, so please let me know. Thanks
Hi- My husband and I were just pre approved for a mortgage for about 150k this week and we both have poor to decent credit but we have pretty high income level(100k plus). I do not know what our FIFO scores were but they were both in the upper 500s last january so they cannot be great. From what we have been told, pre qualification does not appear in your credit report, that is just a calculation done on your income level to determine what the maximum mortgage you could obtain for your income level. On the other hand, pre approval is based on your credit score and income level. I would recommend getting pre approved (which does show on your credit report) because that gives you the best sense of what house you can afford with your income level and credit history. We got preapproved using www.pricelinemortgage.com and there is no cost for pre approval and the rates and closing costs are the best we have found! I hope this helps you...
