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What Is a Hard Inquiry?
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What is a hard Inquiry?
A hard credit inquiry could take just a few points from your score temporarily, but an informal inquiry won't impact it.
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Updated on 13 February 2023.
(image: https://i.pinimg.com/originals/57/21/9d/57219d0f3deb017ee3fa4e0c9b2db5b1.png)Written by Kathy Hinson Lead Assigning Editor Personal financial, credit scoring, debt and money management Kathy Hinson leads the Core Personal Finance team at NerdWallet. In the past, she worked for 18 years with The Oregonian in Portland in capacities such as chief of the copy desk and team director of design and editing. Her previous experience includes news and copy editing at many Southern California newspapers, including the Los Angeles Times. She earned a bachelor's degree in journalism and mass communications at The University of Iowa.
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Hard inquiries are a way to check your credit, typically to decide on your loan or credit card application. It could take some points off your credit score, however, it's only temporary.
When you check your credit yourself, it's a soft credit inquiry or soft credit check, and it doesn't affect your score.
The Fair Credit Reporting Act places limitations on the times and reasons your credit report may be examined.
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What is a tough question?
A hard inquiry, also known as a hard pull or hard credit check, is a process that requires your consent. It happens when you make an application for credit for example, a mortgage credit card or auto loan, student loan as well as a personal loan. It doesn't happen if you are only seeking pre-qualification to determine whether or not you want to apply.
The inquiry is added to your credit report. This means that anyone who checks your credit report will be able to see it. The inquiry is visible on your report the duration of time, but it stops affecting your credit score within less than one year.
Nerdy Tip
When you apply for a credit card that involves a hard inquiry about your credit report, you may get an inundation of marketing communications from lenders. This happens because credit bureaus sell marketing lists in response to hard inquiries. But you can opt out at any time, whether permanently or for five years. Visit , a service of the credit agencies Equifax, Experian, TransUnion and Innovis and 888-567-8688. The bureaus say your request will be effective in five business days. Note that you may still receive promotional offers from lenders that utilize other sources. Opting out does not impact your credit score nor your ability to get credits or for insurance.
How does a hard inquiry affect your score on credit?
A single inquiry could cut up to 5 points off your FICO score. But, for the most popular FICO model every inquiry within a 45-day span are considered as one inquiry when you're " ," such as for mortgage, student and auto loans. The older FICO models as well as VantageScore, FICO's competitor, can also combine inquiries for rate shopping, but within a 14-day period. A VantageScore spokesman said a hard inquiry could shave as much as 10 points off a VantageScore.
The majority of lenders or card issuers will obtain a credit report from just any of three credit bureaus- Equifax, Experian or TransUnion. So the inquiry will be reported only on any of the reports. This is not the case for a mortgage, when all three credit bureaus are usually examined.
It is advisable to avoid making hard inquiries. When you are applying for credit, make sure to be as sure that you are likely to be approved to ensure that you don't lose score points without gaining the approval you seek. Do not apply for credit on impulse. Think about whether the discount or bonus you are hoping to get is worth the risk on your credit. If you're already in the process , a few points may not be too significant. If, however, you're of borderline credit quality beware.
What is an inquiry that is soft?
Soft inquiries, also known as soft pulls or credit checks, can occur without your knowing about them. If you've received any credit card proposal through the post, it's possible that the credit card company performed a soft credit assessment to see if you would likely qualify. This is also true for different types of loan offers and mortgage offers, as well as when a mortgage broker or lender does a pre-qualification or preapproval.
Employers also may do a background check on you and may look up a modified credit report. Although they require your permission to look at you credit file, the information is not considered as a difficult inquiry since it's not a way of deciding whether to extend credit to you.
The most important thing is that it's a soft inquiry, so it won't impact your score. You can obtain your report on demand from an online personal finance site like NerdWallet. Or, you can to obtain your reports from three major credit bureaus. They are completely free up to the date of 2023, you're allowed to receive one report from each bureau per week.
If you check your own credit reports you'll find soft inquiries listed, but those don't show up on the reports that creditors see.
Learn: How work in Canada
Soft or hard inquiry?
Certain inquiries could be difficult or soft. If you are renting a vehicle or want to apply for an apartment, subscribe to internet or cable TV or open an account with an institution of finance or someone needs to verify that you are who they say you are, you could encounter hard or soft inquiry. Only way you can be sure ahead of time is to ask the potential landlord or service provider.
If you think that a hard inquiry appears on your credit report but should not be then you can other inaccurate information. It's certainly worth investigating because it could suggest fraud or .
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