Should I worry about a hard pull on my credit?

[Mohamed Mahmoud]

Would it make a difference if I approached several lenders for preapproval?

How much would my credit score be affected?

[Eric Veronica]

@Mohamed Mahmoud  One of most common statements I hear from my customers is "My credit score use to be X but now it has dropped to X because I have had so many credit inquiries.  I havent had any late payments or anything else negative so it must have been the credit pulls"

This is almost NEVER the case.  In almost every scenario the borrower's credit score has gone down because their credit card utilization ratio has increased (credit card balances / credit card high limit).

With that being said,  you should be able to have a conversation with a lender without the first step being a credit pull.   Especially if you have a pretty solid idea about your current debts and your current credit score.  Typically you should shop lenders but in my opinion you  do not need to get preapproved by every lender you speak with.