The basics
Prequalification vs. Preapproval: What Is the Difference?
What each step tells you, what it does not, and when to ask for which.
The Prequalee guides
Everything to understand before you apply.
Six focused guides to the early stages of borrowing, written in plain English and checked against official sources. Read them in order or jump to the question on your mind.
Suggested reading order
New to all of this? Start at number one.
Each guide builds on the one before it, moving from the vocabulary of lending to the practical steps of preparing an application.
- Prequalification vs. Preapproval: What Is the Difference?The basics · 5 min read
- How Credit Scores Are CalculatedCredit · 5 min read
- Understanding Your Debt-to-Income RatioYour numbers · 5 min read
- Soft vs. Hard Credit ChecksCredit · 5 min read
- Documents Lenders Commonly Ask ForPaperwork · 4 min read
- Steps to Strengthen Your Application Before You ApplyPlanning · 5 min read
All guides
Browse the full library
Credit
How Credit Scores Are Calculated
The five factors behind most scores, and why your number can differ from place to place.
Your numbers
Understanding Your Debt-to-Income Ratio
How to calculate DTI in a few minutes and why lenders look at it so closely.
Credit
Soft vs. Hard Credit Checks
Which credit checks can affect your scores, which never do, and how to tell them apart.
Paperwork
Documents Lenders Commonly Ask For
A practical checklist of the paperwork lenders typically review, and how to share it safely.
Planning
Steps to Strengthen Your Application Before You Apply
A realistic plan for tidying up your credit, debts and paperwork ahead of an application.
Go to the source
Official resources we rely on
These government and official organizations publish consumer information on credit, borrowing and identity protection. Our guides link to them wherever they are relevant.
- Consumer Financial Protection BureauThe U.S. government agency dedicated to consumer financial protection.www.consumerfinance.gov
- Federal Trade Commission consumer adviceConsumer guidance from the nation's consumer protection agency.consumer.ftc.gov
- AnnualCreditReport.comThe source for free credit reports authorized by federal law.www.annualcreditreport.com
- IdentityTheft.govThe federal government's resource for reporting identity theft.www.identitytheft.gov
- U.S. Department of Housing and Urban DevelopmentThe federal department responsible for national housing policy.www.hud.gov
- Federal Deposit Insurance CorporationThe independent federal agency that insures deposits at member banks.www.fdic.gov
These links go to independent websites. Prequalee is not affiliated with, endorsed by or acting on behalf of any of these organizations.
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