Renewed pre-approval too many times - credit score hit?

I made the mistake of renewing my pre-appoval everytime it expired (4 times). I thought that it was a must to have this on hand if I wanted to buy. The amount pre-approved was the same all the time.

Checked my credit score history with illion and from May 2021 to Jan 2022 it has dropped from 882 to 811. Below 800 and I will lose my Excellent rating. I always make repayments on time.

Did I really just shoot myself in the foot? I'm worried that when I find a property and they complete a full loan application, it would count as another enquiry and subsequently drop me to the 700s. Would this mean I'll cop a higher interest rate than I would have had I not made the mistake?

Hating myself right now!

 

If your credit score is 811 you don't have anything to worry about.

I would definitely avoid constantly renewing pre-approvals. Unless circumstances or assessment rules have changes in the interim there shouldn't be any reason you wouldn't be approved for the same again.

 

Why has it taken a year and you still haven't found anything?

 

We've done loans with a major lender where the credit score was below 500. So dont worry too much

 

No

No you won't have a higher interest rate, you'll still have a good credit score.
You need to ask yourself, do you really need a pre-approval? If you've had one approved 4 times that's a good indication you will be approved for finance. Unless you're buying at auction I would just speak to your broker about your borrowing capacity and maximum purchase limits then find a suitable property.
If it's been a year and you haven't found anything yet is there something else going on ie. do you need to re-evaluate your price range?

 

Thanks all for the answers. I would just be giving you excuses as to why I haven't bought, but I'm determined to get it done this time