Inquiries, soft or hard, are authorized requests to see your credit report. But the similarities end there. Soft Inquiries A soft credit inquiry is sort of a more routine credit check that can be done without your permission. Examples include when: A lender you currently do business with requests your report to make sure you’re still creditworthy
· Hard inquiries stay on your credit report for about two years, but the FICO score ignores these after 12 months. But aside from your score, if you have many inquiries over a short period, you’ll start to look risky to a potential lender. This is especially a problem for those who have a short credit history.
"Hard" inquiries, the type that occur when you apply for credit, have the potential to negatively impact your credit scores. About 10% of your credit score points are based on the presence or lack of inquiries on your credit reports. "Soft" inquiries, as mentioned above, will never impact your credit scores at all.
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And multiple hard inquiries on your credit report can reduce it five to ten points per inquiry and mean difference between fair credit and poor credit. However, if you have multiple hard credit inquiries from the same company, such as an auto, mortgage, or student loan lender in a short amount of time, these inquiries won’t affect your credit.
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A hard credit inquiry is when a lender pulls your credit report because you’ve applied for new credit, such as a credit card, a car loan, a home loan or an increase to an existing line of credit. Hard credit inquiries can affect your credit score (the most common is your FICO® score) because seeking new credit.
Here’s help understanding the difference between hard and soft credit checks and why it matters. What is a hard credit inquiry? A hard credit inquiry is when a lender pulls your credit report because you’ve applied for new credit, such as a credit card, a car loan, a home loan or an increase to an existing line of credit.