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Hard pull vs. Soft pull

Moderator Emerita

Re: Hard pull vs. Soft pull

A hard inq is a hard inq, no matter what type of credit you're asking for, and also no matter whether you actually get the loan or CC or not, unfortunately!

The size of the hit and the time to recover varies according to where your credit profile ("score bucket" ) is. If you do get the loan or card or whatever, you also temporarily lose some points, because it's new and it drops the overall age of your credit history. In many posters' experience, their scores recover in several months' time due to the increased credit available, and soon become positive. YMMV (your mileage may vary.)
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 11 of 14
Moderator Emerita

Re: Hard pull vs. Soft pull

Here's how a hard inq looks on my EQ report (under the Inquiries tab):
 
Inquiries

An inquiry indicates when a business, usually a lender, has checked your credit. The inquiry listed here is the only time in the 12 months since the date of this report that a lender has checked your credit at Equifax. This inquiry appears because you applied for credit with the listed company. Inquiries associated with applying for new credit are the only kind of inquiry that may hurt your FICO® score.

Inquiries affecting your FICO® score
Total: 1 Time
Date September 13, 2007
Company making the inquiry  Usaa Hmeq

Inquiries listed here are requests by lenders to view your credit report because you have applied for credit with them. Having many inquiries can hurt your FICO® score, because that might be a sign that you are in a financial situation where you need credit. A single inquiry, however, will have little impact on your score.

Three other kinds of inquiries do not affect your FICO® score and are not listed here. One occurs when lenders search for consumers that might qualify for pre-approved credit. Another occurs when you request to view your own credit report, such as when ordering products on myFICO. Other inquiries that do not affect your score are any inquiries used for purposes other than granting credit, such as an inquiry requested by a landlord. Note: In general, inquiries contribute to less than 10% of your FICO® score.

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 12 of 14
Established Contributor

Re: Hard pull vs. Soft pull

Sylviatob,
 
It's really simple:
 
1. Hard inquiry: You initiate the pull by apping for, whatever
 
2. Soft inquiry: They initiate the pull to do an accounts review or, whatever
FICO scores on November 17, 2014 (prior to applying for and being approved my mortgage)

EX=738
EQ=735
TU=754

FICO scores on March 4, 2015 after being approved for mortgage and buying the home, the mortgage isn't yet reporting.
EX- 689 EQ- 739 TU- 739
Message 13 of 14
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Moderator Emeritus
Message 14 of 14