U.S. Markets closed

How would a mortgage pre-approval vs pre-qualification affect my credit score?

Jonathan Louey

I am a married potential first time homebuyer concerned about how requesting a mortgage pre-approval vs. pre-qualification might affect my credit score and visa-versa. My husband has great credit in the 700's, while my credit is in the low 600's. Would applying for a mortgage pre-approval vs. pre-qualification at this time be wise or foolish on my part (since we must file jointly)? I am in the process of rebuilding my credit score, but at the same time looking to move on to buying rather than renting come September 2016.