| What is the difference between soft inquiry and hard enquiry |
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perfectionj
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| What is the difference between soft inquiry and hard enquiry |
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What is the difference between soft inquiry and hard enquiry?
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Fri Jun 01, 2012 6:46 am |
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debedwards
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It's a hard inquiry when a lender or credit card issuer, checks your credit report when making a lending decision. Common examples of hard inquiry actions include when a consumer applies for a loan, credit card or mortgage. Most important to note, hard inquiries will lower your credit score by a few points and remain on your credit report for two years. As time passes, the damage on your credit score will lessen until the hard inquiry falls off your credit report. Soft inquiry on the other hand when a person or company checks your credit report as a background check, such as in the case of a potential employer checking your credit, when you are “pre-approved” for credit card offers, and when you check your own credit score. As in the case of “pre-approved” offers, a soft inquiry can occur without your permission.
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Sat Jul 21, 2012 12:37 am |
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sunvsmoon
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I am glad I checked this post out because I wasn't aware either...will have to be more careful about who I let check my credit score and for what :\
If I already have a credit card, and want a credit limit increase (to improve my revolving balance/debt number), and they have to check my credit score..is that a hard or soft inquiry?
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Thu Dec 20, 2012 1:37 am |
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bewarethemugwump
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I've always wondered about this, and it has at times chilled me into not applying for credit when I sort of wanted to. There have been times when I saw a good deal on a new credit card, say, and opted out of applying because I knew I didn't really *need* the credit and I was afraid of the hard-inquiry ding. Is it really just a few points? When you say, "Drag it through the mud," does that mean that multiple inquires alone can bring a score down a whole tier, like 50 points?
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Thu Dec 20, 2012 5:08 pm |
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