I got pre-approval three times and it hurt my credit score

[Muhammad Ahmad]

Hey Guys!
I got pre-approval in December but could not close the deal and now I applied for another pre-approval last week for new construction that I found but it will probably close by august or September. That means my credit score will be hurt three times. I just want to know how long it take for my credit score to get up and if there is a way to get my credit score to bounce back up quickly.

Thanks in advance! 

[Erik Estrada]

Hey Muhammad, 

Are you working with a broker or shopping several lenders yourself? If you work with a broker, 1 credit pull will allow you to shop multiple lenders for the best rate. 

Also how bad is it pulling your credit down? Usually the inquiries affect your credit sightly up to a certain point. 

[Russell Brazil]

An inquiry on your report only affects your score a couple of points. Its not a big deal.

[Michael Hutchinson]

Quote from @Russell Brazil:

An inquiry on your report only affects your score a couple of points. Its not a big deal.

 Yep.   Amazed how many people think this is a big issue.   I usually see 3-4 points.   Lenders price in 20 point bands and often do free credit advice to help customers.    I have never seen the credit pull be an issue, though I discuss with most customers as that is the common perception.  

[David Taylor]

This should shed some light - 

https://www.consumerfinance.go...

[Matthew Kwan]

You should request your lender to proceed with a soft pull where it gives the lender enough information (one score instead of 3 scores from the credit bureaus) and the current liabilities to estimate your max approval loan amount. The downside of doing soft pull instead of hard pull is that lenders will not able to run the automated servicing system (AUS). It is an integrated automated system that implements the guidelines from Fannie and Freddie. The underwriters will use on this automated system and to determine if your loan will be approved/rejected.  @Carlos Valencia @Albert Bui 

[Dave Skow]

@Muhammad Ahmad- thanks - what were your scores in DEC  and what are your scores now ?   a  single  credit inquiry  every few months  shouldnt affect the scores ... try to get a  copy of the current report and  review it with your lender to see if anything can be  worked on in order to  help scores .. if you have revolving cards - try to keep your balances  under 30% of the  max  credit limits on the cards .....if there are any collections /  disputes /  lates  appearing - try to get these  paid / removed  / etc ...good luck

[Mohammed Rahman]

Salaam @Muhammad Ahmad - getting credit pulled during a mortgage process is pretty standard and should only ding your credit a few points each time. In the long term, your credit will bounce back and typically mortgage lenders understand when they see on your credit report recent inquiries from other lenders as it's normal to shop around. 

Don't worry and keep moving ahead! 

[Muhammad Ahmad]

Quote from @Mohammed Rahman:

Salaam @Muhammad Ahmad - getting credit pulled during a mortgage process is pretty standard and should only ding your credit a few points each time. In the long term, your credit will bounce back and typically mortgage lenders understand when they see on your credit report recent inquiries from other lenders as it's normal to shop around. 

Don't worry and keep moving ahead! 

 Thank you so much!