diff --git a/CHANGELOG.md b/CHANGELOG.md
index 92431bb811d..7914ff11704 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -4,13 +4,16 @@
 - New Dockerfile to support specific db adapters and platforms.  See docker/README.md for details ([#4495](https://github.com/dbt-labs/dbt-core/issues/4495), [#4487](https://github.com/dbt-labs/dbt-core/pull/4487))
 
 ### Fixes
-
-* Add project name validation to `dbt init` ([#4490](https://github.com/dbt-labs/dbt-core/issues/4490),[#4536](https://github.com/dbt-labs/dbt-core/pull/4536))
+- User wasn't asked for permission to overwite a profile entry when running init inside an existing project ([#4375](https://github.com/dbt-labs/dbt-core/issues/4375), [#4447](https://github.com/dbt-labs/dbt-core/pull/4447))
+- Add project name validation to `dbt init` ([#4490](https://github.com/dbt-labs/dbt-core/issues/4490),[#4536](https://github.com/dbt-labs/dbt-core/pull/4536))
 
 ### Under the hood
 - Testing cleanup ([#4496](https://github.com/dbt-labs/dbt-core/pull/4496), [#4509](https://github.com/dbt-labs/dbt-core/pull/4509))
 - Clean up test deprecation warnings ([#3988](https://github.com/dbt-labs/dbt-core/issue/3988), [#4556](https://github.com/dbt-labs/dbt-core/pull/4556))
 
+Contributors:
+- [@NiallRees](https://github.com/NiallRees) ([#4447](https://github.com/dbt-labs/dbt-core/pull/4447))
+
 ## dbt-core 1.0.2 (TBD)
 
 ### Fixes
diff --git a/core/dbt/task/init.py b/core/dbt/task/init.py
index daba2d3af62..1f1d0daa182 100644
--- a/core/dbt/task/init.py
+++ b/core/dbt/task/init.py
@@ -297,6 +297,8 @@ def run(self):
             # just setup the user's profile.
             fire_event(SettingUpProfile())
             profile_name = self.get_profile_name_from_current_project()
+            if not self.check_if_can_write_profile(profile_name=profile_name):
+                return
             # If a profile_template.yml exists in the project root, that effectively
             # overrides the profile_template.yml for the given target.
             profile_template_path = Path("profile_template.yml")
@@ -308,8 +310,6 @@ def run(self):
                     return
                 except Exception:
                     fire_event(InvalidProfileTemplateYAML())
-            if not self.check_if_can_write_profile(profile_name=profile_name):
-                return
             adapter = self.ask_for_adapter_choice()
             self.create_profile_from_target(
                 adapter, profile_name=profile_name