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Don't Sweat the Soft Inquiries

A soft inquiry is recorded on your credit report when an existing creditor reviews your file, a prospective creditor pulls your report for marketing purposes, or you order your own credit report for monitoring purposes.

A common misconception is that these inquiries or soft pulls impact your credit score, but the truth is they have no effect at all.  That's right - absolutely zero effect!

On the other hand, hard inquiries stay on your credit report for two years and directly impact your FICO score. The key to understanding the difference between a hard and soft pull lies in remembering that a hard pull only occurs when you apply for credit.

For example, applying for a new credit card, auto loan, or a mortgage will result in a hard inquiry on your credit report. In addition, while soft inquiries are only viewable by you, hard inquiries are viewable by any other party accessing your credit report.

on Mon, 2016-03-14 12:25