Gino Rodriguez, Writer
@gino_rodriguez
Yes, you can get pre-approved for a loan without hurting your credit score. Pre-approval for a personal loan will have no effect on your credit score, for example, because it relies on a soft credit inquiry, but not all loans work the same way. Pre-approval for a mortgage or an auto loan will temporarily drop your score by about 5-10 points.
Personal Loan Pre-Approval vs. Pre-Qualification
When you get a pre-approved offer for a personal loan in the mail, it just means that you’re likely to get approved if you apply. On the other hand, pre-qualification for a personal loan allows you to estimate your potential rates and borrowing amounts, and it requires you to submit some personal information to the lender. Pre-qualification only requires a soft credit inquiry, so it won’t hurt your credit score.
Personal Loan Pre-Approval vs. Mortgage Pre-Approval
The pre-approval process for mortgage loans is more in-depth and requires you to submit financial documents such as bank statements or pay stubs. The lender will also perform a hard inquiry into your credit, which will temporarily hurt your credit score. You should see your credit score go back up after a few months of on-time payments, though.
You can keep track of your credit score with free daily updates from WalletHub.
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