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Hard Vs. Soft Inquiries?

Hard Vs. Soft Inquiries!

What is an inquiry?


An inquiry is a result of someone or some company checking your credit to see if you’re worth lending money or credit to. Anytime someone checks your credit, it leaves an inquiry on your credit report. This also applies to credit card applications, auto loan applications, mortgage applications and so on. Most people generally don’t know that there are actually two types of inquiry. Hard or soft.


Hard Inquiries

Hard inquiries are your typical inquiries that get created on your credit report when a lender or a credit card company checks your credit report to make a decision whether to borrow your money or not. Typically, you authorise a hard inquiry when you submit a credit card application or when you file a mortgage application. A hard inquiry can affect your credit negatively so it’s generally a good idea to keep the numbers of hard inquiries to less than 3-5.

When you are shopping for a new car or a new home, it’s generally a good practice to “pull” your credit within a time frame. Say, you’re looking at 5 different car dealerships. It’s a good practice to visit those dealerships and to pull a hard inquiry from each of the dealerships within a 14 day period. Generally, the credit bureaus will see that as a single inquiry, not 5.


Soft Inquiries

Soft inquiries are harmless and it will not affect your credit scores. Soft inquiries are created when either an existing creditor checks your credit report OR a creditor checks your credit to send you offers via mail. Some examples include an employer’s background check or when you check your own credit. Soft inquiries can be created without your permission.

How do I remove Them?

Generally, inquiries fall off of your credit report within 2 years from the origination date. However, it can be deleted through a dispute process though there are no guarantees. If you would like to dispute your inquiries, let us help you!

November 27, 2016

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