What’s the Difference Between Hard and Soft Credit Inquiries? – HUNT Mortgage

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.

Though soft inquiries will show up on your credit report, they will have no effect on your perceived creditworthiness. Hard inquiries, on the other hand may be factored into credit scoring models. Though hard inquiries are generally seen to have a negative effect on credit scores, the impact of each inquiry isn’t usually too big.

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What Is the Difference Between a Soft Check and a Hard Check? A hard credit check occurs when you apply for a line of credit such as a credit card, a mortgage, personal loan or an auto loan.

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Hard vs. soft credit inquiries Two kinds of inquiries can occur on your credit report, hard inquiries and soft inquiries. While both types enable a third party (i.e., your lender or employer) to view your credit report, only hard inquiries can negatively affect your credit score.

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For instance, if you apply for a home mortgage or a car loan, your lender will make a hard inquiry of your credit to help determine if you qualify for the loan. A soft credit inquiry, on the other hand, is a more routine check that can be done without your permission.

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There are actually two different types of credit checks: hard and soft inquiries, and they depend on what the information is being used for. Hard inquiries can hurt your score, while soft.

Referred to as "hard inquiries" or "soft inquiries," it is important to understand the difference between the two and how they impact your credit, which can in turn impact your mortgage. Hard Inquiries. Hard credit inquiries are used when a lending decision has to be made.