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From: Delia L


Hi Ashley,

James is right! Not only that, pre-approval shows on your CRA report. It doesn't look too good if you go to several lenders and each lodge a CRA check and in no time you look like someone trying to get money everywhere. Lenders don't like it, do they, Rolf?
On the other hand, if you are really keen on the units, you could use it to your advantage. Say get a pre-approval to the amount that you want to pay for the unit, not the amount the agent want and use it to bargain the price. Again, don't go thru the agent's bank, use your own. That still show up on your CRA report though.

Delia

Delia
 
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Reply: 1
From: Rolf Latham


Hi Delia

Yep. excess CRAA equiries lowers your credit score, although if all else stacks up, 3 enq for the same deal can still get trough with easy explanation.

ta

Rolf
 
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Reply: 1.1
From: Samantha Lind


Hi,
I ask bank not to hit my CRA unless they are approving my loan. I always explain my situation to them and that I do this as my business. Usually they understand and are cool with it.
Sam
 
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Reply: 1.1.1
From: Delia L


Another way I get around CRA hits is to apply for my own current CRA (only takes 2 days if you pay or wait a couple of weeks for free). Then I show the lender the report and ask if loan will be approve base on all the info and this CRA. (I was naive and had many CRA hits in the last couple of years getting pre-approvals, and a few margin lending accounts)
I found it's cool with them usually. What's your experience with that, Rolf?
 
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Pre-approvals on CR

Reply: 1.1.1.1
From: Paul Zagoridis


I always instruct my financier to give me indicative approval subject to...

Amateur brokers and retail bankers don't understand a word I'm uttering. I then explain that my CRA is clean (sometimes give em a recent copy) and tell them that they can get the latest CRA after they approve the loan in principle.

Banks normally will then approve a loan subject to:
1) proof of income
2) good credit reference
3) all sorts of other conditions.

Get it in writing then tick them off.

Dreamspinner
 
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