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Senior Contributor
Sylviatob
Posts: 4,596
Registered: ‎09-14-2007

Hard pull vs. Soft pull

I know this was a post as recent as last week, but I'm STILL not understanding the difference.

I've learned that when a potential creditor pulls your CR, that the information is the same on both.....just different coding by the creditor.

And if the information is the same, why are we penalized for a hard inq and not a soft one?

Is it so simple as it is merely used to let others know that you've applied for new credit? Maybe I'm overcomplicating this. I have a tendency to do that.
"Never ever, ever be late. Never" (FUTR)
Moderator Emeritus
Timothy
Posts: 9,252
Registered: ‎03-19-2007

Re: Hard pull vs. Soft pull

They get the same information on a Hard as the do a soft- the only exception is a PRM soft inq where they get a name, and address.

Nothing in the FCRA or FDCPA separates soft and hards inq's.

Yes- the idea of the HARD is to show others you have applied for credit.
Senior Contributor
Sylviatob
Posts: 4,596
Registered: ‎09-14-2007

Re: Hard pull vs. Soft pull

Thanks Timothy. I now know. :smileyhappy:
"Never ever, ever be late. Never" (FUTR)
Mega Contributor
RobertEG
Posts: 17,456
Registered: ‎03-19-2007

Re: Hard pull vs. Soft pull

It is not true thart all soft and hard pulls give the requestor the same info.  Some soft pulls are made only to secure name/address info to make offers for credit for which you have not applied (e.g. "pre-approved" screening offers).  To get all the credit inquiry codes and explanations,  pull your full report from annualcreditreport.com.
Moderator Emeritus
Timothy
Posts: 9,252
Registered: ‎03-19-2007

Re: Hard pull vs. Soft pull

Please read my entire post.



RobertEG wrote:
It is not true thart all soft and hard pulls give the requestor the same info. Some soft pulls are made only to secure name/address info to make offers for credit for which you have not applied (e.g. "pre-approved" screening offers). To get all the credit inquiry codes and explanations, pull your full report from annualcreditreport.com.



Regular Contributor
Skiffy
Posts: 252
Registered: ‎03-16-2007

Re: Hard pull vs. Soft pull

Actually, there is ONE definition difference that's clear about hard v. soft: promotional inquiries can't be hards.

The language implies that there are certain other inquiries that can't be hards, but there's no case law on that point.
New Contributor
kbell
Posts: 65
Registered: ‎12-15-2007

Re: Hard pull vs. Soft pull

My understanding is that hard inquiries stay on your record for 2 years. Also, hard pulls can lower your FICO score from a couple points to a bunch. How long before hard inquiries will no longer affect on your score? As early as 2 months to a year?
Super Contributor
MidnightVoice
Posts: 8,158
Registered: ‎03-25-2007

Re: Hard pull vs. Soft pull



kbell wrote:
My understanding is that hard inquiries stay on your record for 2 years. Also, hard pulls can lower your FICO score from a couple points to a bunch. How long before hard inquiries will no longer affect on your score? As early as 2 months to a year?


Hard pulls are visible on the report for 2 years but only affect score for 12 months.  This is why (I assume) MyFICO reports only include hard pulls from the last 12 months.
 
And neyher MyFICO nor TC list softs - for that I think you have to get a report from the actual CRA.  Which is a pain.
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Moderator Emeritus
Timothy
Posts: 9,252
Registered: ‎03-19-2007

Re: Hard pull vs. Soft pull

1 Year

There is some debate on if they have less affect after 6 months.


kbell wrote:
My understanding is that hard inquiries stay on your record for 2 years. Also, hard pulls can lower your FICO score from a couple points to a bunch. How long before hard inquiries will no longer affect on your score? As early as 2 months to a year?


New Contributor
kbell
Posts: 65
Registered: ‎12-15-2007

Re: Hard pull vs. Soft pull

Thanks. Are all hard inquiries scored the same? In other word, will a hard pull from a CLI be scored the same as a loan app? Or, is it indistinguishable on the report? I have no hard inquiries in my Equifax report (yet), so I don't know what it looks like under the Inquiry section.

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