What Is a Soft Credit Check?
What is a soft credit check? This is a question that a lot of people have, but don't really know the answer to. A soft credit check is a credit check that doesn't affect your credit score. It's called a "soft" credit check because it doesn't have a negative impact on your credit. You could visit here to take a no-credit-check online loan now.
So why would you want to do a soft credit check? There are a few reasons. First, a soft credit check can give you a better idea of your credit score. If you're planning on taking out a loan or opening a new credit card, for example, you'll want to know what your credit score is. A soft credit check can also help you see your credit history, which can be helpful if you're trying to improve your credit score.
Finally, a soft credit check is a good way to check your credit history without affecting your credit score. If you're not sure whether you want to apply for a new credit card or loan, for example, a soft credit check can help you make a decision.
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What Is a Hard Credit Check?
When you're applying for a loan or a credit card, the lender may do a hard credit check. This means that they'll pull your credit report from one or more of the three credit bureaus—Equifax, Experian, and TransUnion.A hard credit check can ding your credit score, so it's important to know what a hard credit check is and why the lender might do one.
Here's a rundown of what you need to know:
What is a hard credit check?
A hard credit check is a check of your credit report that can impact your credit score. Lenders may do a hard credit check to determine your creditworthiness and to see if you're a good risk for a loan or a credit card.
Why do lenders do hard credit checks?
Lenders do hard credit checks to get a better idea of how likely you are to repay your debt. A hard credit check can also ding your credit score, so the lender may be less likely to approve your loan or credit card if your score is already low.
What can I do to avoid a hard credit check?
If you're not interested in taking out a loan or applying for a credit card, you can avoid a hard credit check by refusing to let the lender pull your credit report. However, this may mean that you won't be approved for the loan or credit card.
Differences Between Soft Credit Checks and Hard Credit Checks
There are several differences between soft credit checks and hard credit checks. Soft credit checks are less invasive and are often used to get a general idea of a person's credit history. Hard credit checks, on the other hand, are more in-depth and can affect a person's credit score. Another difference between soft and hard credit checks is the time it takes for them to be processed. Soft credit checks are often processed within seconds, while hard credit checks can take a few days. This is because a hard credit check involves pulling a person's credit score from the credit bureau.
Finally, a hard credit check will show up on a person's credit report, while a soft credit check will not. This is because a hard credit check is a more formal inquiry into a person's credit history.
Will Soft Credit Checks Harm My Credit Report?
Many people are curious about how soft credit checks will affect their credit reports. Soft credit checks are inquiries that don't impact your credit score and are often used to check your creditworthiness for things like pre-approval for a credit card or a loan. Some people worry that soft credit checks will harm their credit scores because they count as inquiries. However, inquiries only account for 10% of your credit score, and soft credit checks will not affect your score.
So, if you're worried about how a soft credit check will affect your credit report, don't be. They won't have a negative impact on your score, and they can be a great way to check your creditworthiness.
