Get Pre Approved Credit App.indd

A mortgage preapproval can have a hard inquiry on your credit score if you end up applying for the credit. Although a preapproval may affect your credit score, it plays an important step in the home buying process and is recommended to have. The good news is that this ding on your credit score is only temporary.

Your CreditWise score is calculated using the TransUnion® VantageScore® 3.0 model, which is one of many credit scoring models.

Instead of a hard inquiry, pre-approval at Capital One uses what's known as a “soft inquiry.” A soft inquiry involves a simple review of your credit, which doesn't affect your credit score. And it isn't reported to lenders.

A mortgage preapproval can have a hard inquiry on your credit score if you end up applying for the credit. Although a preapproval may affect your credit score, it plays an important step in the home buying process and is recommended to have. The good news is that this ding on your credit score is only temporary.

A credit card issuer has to make sure you have enough income to make the required payments for your card. If you don't have enough income to make the minimum payments, you might not be approved.

Does a pre-approval affect your credit score? No, in order to give you a pre-approval, companies run a soft credit check. This has no impact on your credit score. A soft pull gives them a ballpark estimate of your credit score in order to see if you would qualify for a pre-approval.

It isn't common, but a credit card issuer could deny your application even after sending you a pre-approved offer of credit. The exact reason for such a denial can vary from one applicant to the next.

Capital One pre-approvals do not affect your credit score, as they're done using a soft “pull,” or inquiry. But if you decide to submit an application for any Capital One card, Capital One will conduct a hard inquiry, which will lead to a slight, but temporary decrease in your credit score.