What Is A Hard Pull On My Credit? A hard inquiry or hard pull is an official request for your credit reports for the purposes of evaluating your creditworthiness as a borrower. Pre-qualification for a mortgage usually doesn’t require a hard pull, but pre-approval does. Does Checking Credit Always Impact My Score? Not necessarily. Credit checks can involve hard or soft pulls, and while the popular belief is “pulling your credit hurts your credit,” this isn’t universally true. Does A Hard Pull Affect My Credit Score? Yes, a hard pull can slightly lower your FICO score, but the impact is often minimal and doesn’t usually affect loan approval or terms. Some lenders, however, use soft pulls which don’t impact your credit score. What Can I Expect from A Hard Pull? Firstly, a hard pull typically only decreases your FICO score by a few points, rarely making a large difference. Secondly, the impact of a hard pull is temporary. While delinquent payments can affect your credit for up to seven years, and derogatory marks can last for ten, a hard pull only impacts your score for one year, and it vanishes after two.
Lastly, pre-approvals often require a hard credit pull. This minor, temporary dip in your score is usually seen as a necessary step towards securing your home.
Does Getting Pre-Approved Hurt My Credit Score? A small dip in your score due to pre-approval rarely impacts final loan terms. While hard pulls can slightly lower your score, their impact is short-lived. Some banks now use soft pulls, safeguarding your score while providing the necessary credit information.
RITA REALTOR | BROKERAGE 904-555-5555 | Rita@realtor.com | www.Authorify.com
LARRY LOAN OFFICER | OFFICE 904-555-1010 | Larry@loans.com | www.Authorify.com
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