Does "Checking rates" on Experian and CK effectively act like too many inquiries?

[Datasource2000]

About 3 weeks ago I shopped for a personal loan at CK and Experian, to see what was available.  Just window shopping, I never went past a soft inquiry, but received numerous offers in the 20,000 range.  In hopes of improving the rates offered, I paid down my credit cards.  Utilization has gone from 60% to under 20%, and my score has gone from 640 to 740 since I received those offers.  But NOW when I check my rate, expecting better....  Experian only offers 2,000 maximum, and CK is asking much higher interest.   HUH?

I did frequently "check my rate" over this month, has that scared lenders away?   Upstart offered me 25,000, then when I didn't take the offer (ONLY A SOFT INQUIRY), I got an adverse action letter, and "wait 30 days".    What's going on, and do I just wait, and the offers will refresh after some time period?   Otherwise it makes no sense, cause the only thing that's changed is the dramatic IMPROVEMENT in my score and utilization.   Thanks.

[GZG]

yeah those soft pull loan offer portals are just a bunch of nothing IMO 

they are probably mostly subprime lenders too so the "interest rate" was lower, after your 10% origination fee or some garbage, prosper hits me with those mailers with ridiculous origination fees 

stick with credit unions or discover, or other major banks for personal loans so you don't get hit with garbage terms

[jeny38mark]

Hello,

It’s understandable that the recent shift in offers seems counterintuitive given the improvements in your credit score and utilization. Here's a breakdown of what might be happening and some recommendations:

Soft Inquiries Are Not Visible to Lenders: When you check rates on platforms like Experian or Credit Karma (CK), these soft pulls don’t impact your credit score directly, nor are they visible to lenders. So, frequently "checking your rate" shouldn’t scare lenders away on its own.
However, Internal Scoring Algorithms Could Be Impacted: Lenders and platforms sometimes track user activity internally. If you repeatedly check for rates but don’t accept offers, their systems might flag you as a less serious borrower or assume you're shopping heavily. This could cause offers to shrink or disappear altogether. Old Offers May Not Reflect Your Improved Credit: The offers you received earlier were based on your old credit profile. The lenders haven't necessarily updated their assessment of you yet, even though your score has gone up.
Rate Refresh Timing: Many lenders have a refresh period (e.g., 30 days) before reassessing your eligibility. This could explain why Upstart sent an "adverse action" letter and asked you to wait 30 days before trying again. Why You Got the Letter: When you didn’t accept the $25,000 offer, Upstart likely flagged your file as a "decline" on their end. Even though it wasn’t a hard inquiry, their policy may require a 30-day cooldown period before reconsidering you for another loan.
Soft Pull Adverse Action Letters: Receiving such a letter from a soft inquiry isn't uncommon, but it doesn’t mean lenders think you’re risky—it’s often procedural.

The lenders' systems may not yet fully reflect the dramatic improvements in your credit profile. Give it time, minimize rate-checking, and allow your improved credit standing to settle into the databases used by lenders. Once the 30-60 day period passes, you’re likely to see better offers again.

[Datasource2000]

Thank you so much, Jeny!  Yes, the detail in your answer was exactly what I was asking for, and confirms what I've gathered by "reading between the lines" when I've talked to a live person at two of the online lenders.  One almost said in words that continued checking rates scares them away....  but it made no sense until your answer.   I don't NEED the loan right now, but like knowing it's there if I ever do really want it, so it's good to know that waiting 30 - 60 days,  and they should pop back up.  

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