Are you looking to consolidate your debt and get back on track this year? Many people want to get financially stable and pay off their debt. At Symple Lending, an experienced debt consolidation agent will discuss your options, answer your questions, and create a realistic payment plan to pay off your debt and achieve your goal of financial freedom.
During your research, you may come across terms like hard credit check and soft credit check. So, what’s the difference between a hard and soft credit check? The experts have your answers in this guide below!
What is a Hard Credit Check?
Hard credit checks, or hard pulls, are when a financial institution checks your credit before making a lending decision. Hard checks happen when applying for a credit card, private loan, consolidation, or mortgage. And they’re authorized by the applicant. Most consumers don’t enjoy hard checks since they could lower their credit scores by a few points, and this often affects getting approved for a new credit card or an auto loan down the road.
What’s considered too many hard inquiries? This answer varies based on the health of your credit history. Typically, one or two hard credit checks will only lower your score a couple of points and shouldn’t negatively impact your chances of approval. However, numerous checks within a short span can damage your credit report and should be known when applying to multiple credit cards or consolidation offers.
What is a Soft Credit Check?
A soft inquiry means you or someone authorized (potential employer) checks your credit history and report. Sometimes, financial institutions will run a credit report to check your history before sending a pre-approved offer for a credit card or mortgage. Soft credit checks won’t affect your credit score since a specific loan or credit application isn’t attached to it.
What Are Examples of Soft and Hard Credit Checks?
When speaking with an experienced debt consolidation agent at Symple Lending has the necessary information and tools to make the lending process efficient and stress-free. Let’s take a quick look at what type of inquiries fall under hard and soft credit checks:
Hard Credit Checks
The following applications would fall under Hard credit inquiries:
- Mortgage
- Car Loan
- Credit Cards
- Student Loans (Public and Private)
- Personal Loans
- Apartment Rentals
Soft Credit Checks
If you’re doing one of the following, you can expect a soft inquiry:
- Checking your credit score
- Getting pre-qualified for a credit card or mortgage
- Getting pre-qualified for insurance
- Employment verification (background checks)
Contact an Experienced Debt Consolidation Agent Today!
Want to know more about hard and soft credit checks? Contact the team at Symple Lending! The financial experts will help answer your questions and work with you to create a debt consolidation plan that works best for you. Ready to get out of debt? Visit Symple Lending online today!
