"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.
Credit Cards. The Difference Between Hard and Soft Credit Inquiries. Alicia Adamczyk
The FCRA does not expressly create a distinction between "hard" and "soft" credit inquiries or pulls. Rather, consumer reporting agencies classify every user’s request to see a consumer report as either a "hard" or "soft" credit inquiry, depending on the type of inquiry made by the requesting party.
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Soft vs. Hard Credit Inquiries – What’s the Difference? Have you ever applied for a credit card? An auto loan? Maybe a new wireless plan? You’ve probably been told that your credit will be checked, or that it might be a ‘hard’ credit inquiry.
However, not all credit inquires are created equal because there are 2 main types: hard and soft inquiries. Hard credit inquiries can hurt your credit and remain on your credit report for 2 years. They happen when you apply for a new credit account, such as a credit card, car loan, or mortgage.. So the fewer hard inquiries on your credit history, the better.
When a credit report is pulled to check your credit score, an inquiry is conducted. There are two types of inquiries, hard and soft credit inquiries. find out the primary difference between the two and how it affects your credit score.
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