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What is a hard Inquiry?
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What is a hard Inquiry?
A hard credit check can take just a few points from your score for a short period, however an informal inquiry won't impact it.
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Updated on 13 February 2023.
Editor: Kathy Hinson Lead Assigning Editor Personal finance, credit scoring, debt and money management Kathy Hinson leads the Core Personal Finance team at NerdWallet. Prior to joining NerdWallet, 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. Prior experience includes news and copy editing at many Southern California newspapers, including the Los Angeles Times. She graduated with a bachelor's in mass communication and journalism at The University of Iowa.
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A hard inquiry is a request to check your credit score, usually to determine the viability of an loan or credit card application. It may shave the smallest amount of points off your credit score however, it's only temporary.
If you do a credit inquiry yourself, it's considered a soft credit inquiry or a soft check. It doesn't impact your credit score.
The Fair Credit Reporting Act places restrictions on when and why your credit report may be inspected.
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What is a tough question?
An inquiry that is also called an 'hard pull' or a credit check, needs your permission. It occurs when you make an application for credit such as a mortgage, credit card auto loan and student loan and personal loan. This doesn't occur if you are only seeking pre-qualification to determine whether to apply.
This inquiry becomes part of your credit report. This means that anyone who pulls your credit report can view it. A hard inquiry will remain on your credit report for some time, but it stops affecting your credit score within less than one year.
Nerdy Tip
When you apply for a credit card that requires a hard check regarding your credit score, you may get an influx of marketing messages from lenders. This is because credit bureaus sell marketing lists in response to hard inquiries. However, you are able to opt out at any time, whether permanently or for five years. Visit , a service offered by the credit agencies Equifax, Experian, TransUnion and Innovis or call 888-567 8688. The bureaus state that your request will be effective after five working days. Be aware that you could still receive marketing offers from lenders that utilize other sources. Opting out does not alter your credit score or your eligibility to obtain credit or insurance.
How does a hard inquiry impact your score on credit?
A single hard inquiry can reduce five points from you FICO score. With the most widely used FICO model every inquiry within a 45-day period are considered to be one inquiry when you are " ," such as for mortgage, student and auto loans. The older FICO models and VantageScore which is FICO's rival, also group inquiries for rate shopping, but within 14 days. A VantageScore spokesperson said that 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 only one of the three major credit bureausthe three major credit bureaus - Equifax, Experian or TransUnion. Therefore, the request will show up on only the credit report you have. However, this is not the case with mortgages, in which the three credit bureaus are usually checked.
It is smart to limit inquiries that are hard to make. Before you make an application for credit, you should ensure as much as you can you are likely to be accepted so that you don't risk losing score points without getting the approval you seek. Don't apply for credit on impulse. Consider whether a discount or bonus you're hoping to receive is worth the risk in your score. If you have one or two points, it may not be too significant. If, however, you're of low credit scores, think twice.
What is an inquiry that is soft?
Soft inquiries, also referred to as soft pulls or soft credit checks, may occur without you knowing about them. If you've ever received a credit card proposal through the post, it's likely that the company offering the credit card did a soft credit check to determine if you be eligible. The same goes for other kinds of loan offers, or when the mortgage broker or lender offers a pre-qualification, or preapproval.
Employers also may do a background check on you and may look up your credit report that has been modified. Although they require your permission to look at your credit report, it's still not a hard inquiry because it's not a way of deciding whether to extend credit to you.
Most importantly, is an unstructured question, meaning it won't affect your score. You can get your information on demand through an online personal finance site such as NerdWallet. You can also receive your credit reports from the three major credit bureaus. The reports are available for free and, until the end 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 , but these don't appear on the credit reports that lenders see.
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Soft or hard inquiry?
Some inquiries can be either difficult or soft. If you are renting a vehicle, apply to rent an apartment and subscribe to internet or cable TV or open an account with a financial institution or a person requires verification of that you are who they say you are, you might encounter a hard inquiry or a soft inquiry. Only way you can be sure beforehand is to contact the prospective tenant or the service company.
If you think a hard inquiry is on your credit report but isn't it is just as you can other inaccurate information. It's certainly worth investigating since it may indicate fraud or .
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