We’re giving you the 411 on credit inquiries, because knowing how they affect you is a big part of being financially healthy. When you apply for credit or a loan a creditor will “pull” your credit. This check is called a hard inquiry – but there are also soft inquiries, too. Here’s what makes them different.
- Are used after you apply for credit to determine whether or not you will get it.
- Will show up on your credit report, and will typically remain there for two years.
- Are commonly used for applications for mortgages, auto loans, credit cards, student loans, personal loans and apartment rentals.
- Require your consent in order for companies to pull your report.
- Can lower your score, especially if you have too many pulls in a short amount of time (though pulls in a two week period for the same type of loan, like a mortgage, are viewed as a single one).
- Are commonly used for employment verification, to pre-approve you for offers, insurance quotes or when you are checking on your score and report.
- Show companies exactly what you would see if you were to pull your own credit report from Experian, Equifax or TransUnion.
- Are accessible by companies without your permission – but don’t worry, it doesn’t affect your credit in any way.
- Won’t negatively affect your credit score and won’t appear on your credit report.
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*Due to differences between credit bureaus, credit scores listed in SavvyMoney may differ from those used for loan underwriting by Salal. Offers featured in SavvyMoney do not represent a guaranteed loan approval. All loans are subject to credit approval.
Content courtesy of SavvyMoney.