Home Buying in Canoga Park>Question Details

Chris Taylor, Home Buyer in Reseda, CA

1) How far in advance should a person seek pre-approval? 2) Does it affect your credit? 3) Does pre-approval work the same for VA certificates?

Asked by Chris Taylor, Reseda, CA Mon Oct 11, 2010

I ask because I want to move to the Canoga Park area but don't have much for a down as I want to use my VA certificate. I have been working on my credit for a while now but stilll not where I want it to be. So I don't want to look at pre-approvals if it's going to ding my credit score. So, any advice wouold help in this matter. THX everyone

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Kevin Olson and Jessica Laude’s answer
Hello Chris,

When shoppin around for different lenders, a general rule of thumb is that your credit score being run by more than 1 within a 30 day period will not have an impact on your credit. Shopping around to find what is best for you is encouraged.

Pre-approval is good to have, but you can get it done in a very short amount of time, and you can do it right before you are ready to start looking at homes. The only thing you might want to consider is getting preapproved sooner than later so if you don't qualify, you will know exactly what needs to be done in order to qualify in the future. There are many things besides credit that are considered, so you want to be sure you have everything in line.

Speaking with a lender over the phone might even get you started on the right path to doing the most you can in order to be approved the 1st time. Preapproval should be no different with the VA certificates, but check with a lender to be sure.

Best wishes,
Kevin
2 votes Thank Flag Link Mon Oct 11, 2010
Chris,

The best thing that you can do is pick an lender who will help you through the process of getting a pre-approval. The lender should be able to direct you to do certain things that will make your credit scores rise as well advise you as to those things which can damage your credit scores. For example, most people who have less than perfect credit think that closing credit card accounts will help them, when actually it does the opposite. Below is a site that I found online which might be helpful to you.
1 vote Thank Flag Link Sun Oct 17, 2010
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