What is a hard pull?

[jamevfan]

Hello Everyone!

   I am needing a new car really bad and went to a car dealership and had them pull my credit however, I am also cleaning my credit up to buy a home within the next 6 months. How will or can this affect me and what exactly is a hard pull? Will this drop my score significantly?

[Anonymous]

 A hard pull is an inquiry that results from applying for credit, affects your score, and is viewable by anyone who views your CR.

You may see some drop, but I wouldn't say significantly. How many inquiries do you have already?

Message Edited by sidewinder on 05-19-2009 08:24 AM

[Anonymous]

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@jamevfan wrote:

Hello Everyone!

   I am needing a new car really bad and went to a car dealership and had them pull my credit however, I am also cleaning my credit up to buy a home within the next 6 months. How will or can this affect me and what exactly is a hard pull? Will this drop my score significantly?

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 The points thing may not be such an issue but depending on your car payment and your income and what other debt you already have that you pay monthly you may want to check your DTI ratios also to make sure that the car payment will not bump you over any lines.

[Anonymous]

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Susyquk wrote:

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@jamevfan wrote:

Hello Everyone!

   I am needing a new car really bad and went to a car dealership and had them pull my credit however, I am also cleaning my credit up to buy a home within the next 6 months. How will or can this affect me and what exactly is a hard pull? Will this drop my score significantly?

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 The points thing may not be such an issue but depending on your car payment and your income and what other debt you already have that you pay monthly you may want to check your DTI ratios also to make sure that the car payment will not bump you over any lines.

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DTI ratio is not a factor in score.

[jamevfan]

Ok thanks a bunch I think I will just wait to get the home first.

[BungalowMo]

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@jamevfan wrote:
Ok thanks a bunch I think I will just wait to get the home first.

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Gotta ask...where are you getting your scores from???