Posted on: 24th Nov, 2011 08:30 pm
I know this may have asked here earlier but still can anyone explain what can a creditor see by performing a soft pull inquiry vs. hard pull?
Hi Dean!
Welcome to forums!
A soft credit inquiry is an inquiry into your credit report which will not affect your credit score in a negative way. Many a times, you wo even know that there has been a soft inquiry on your credit report. For example, if you receive a request in your mail offering you a credit card, there are chances that the credit card company has done a soft pull to see if you qualify. Apart from this, potential employers use it as a part of background checks.
A hard credit inquiry, on the other hand, will affect your credit score. Whenever you apply for a loan or a new credit card, the lender will conduct a hard pull on your credit report. This will also stay on your credit report like any other item. Apart from this, it also lowers your credit score by about 5-6 points. For this reason, it is important to guard your credit report from hard pulls.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
A soft credit inquiry is an inquiry into your credit report which will not affect your credit score in a negative way. Many a times, you wo even know that there has been a soft inquiry on your credit report. For example, if you receive a request in your mail offering you a credit card, there are chances that the credit card company has done a soft pull to see if you qualify. Apart from this, potential employers use it as a part of background checks.
A hard credit inquiry, on the other hand, will affect your credit score. Whenever you apply for a loan or a new credit card, the lender will conduct a hard pull on your credit report. This will also stay on your credit report like any other item. Apart from this, it also lowers your credit score by about 5-6 points. For this reason, it is important to guard your credit report from hard pulls.
Feel free to ask if you've further queries.
Sussane
Thye can both see the same thing.
The purpose for each is different, however, they have access to the same information.
The purpose for each is different, however, they have access to the same information.
