Does Prequalification Affect Your Credit Score?

Quick Answer

No, prequalification does not affect your credit score. Most South African lenders use soft credit checks for prequalification, which don’t impact your credit rating. This means you can check your eligibility for a home loan without any risk to your credit score.

What Happens During Prequalification?

When you get prequalified for a home loan:

• Soft credit check only – no impact on your credit score
• Basic income verification – simple affordability assessment
• Instant results – usually within 24 hours
• Multiple applications allowed – you can shop around freely

Prequalification vs Preapproval: The Credit Impact

Prequalification	Preapproval
Soft credit inquiry	May involve hard credit inquiry
No credit score impact	Temporary credit score dip possible
Basic information needed	Full documentation required
Quick estimate	Detailed loan commitment

When Does Your Credit Score Get Affected?

Your credit score only gets impacted when:

• Formal loan applications are submitted
• Hard credit checks are performed
• Final approval processes begin

The good news? At ooba, we handle multiple bank applications with just one credit check, minimising any impact on your score.

Protect Your Credit Score

Smart tips for home loan shopping:

1. Get prequalified first – it’s free and risk-free
2. Do all applications within 14 days – multiple home loan inquiries count as one
3. Use a bond originator – we apply to multiple banks with one credit check
4. Check your credit report – ensure it’s accurate before applying

Your Next Step

Ready to see what home loan you qualify for? Get your free prequalification today – it won’t affect your credit score and gives you a clear picture of your buying power.

Remember: Prequalification is completely risk-free for your credit score. It’s the smart first step in your home buying journey, giving you confidence and clarity without any credit impact.