Glossary

Credit pull

A check of your credit file, soft or hard.

A soft inquiry checks your file without affecting your score; a hard inquiry is recorded and can lower it modestly for a time. Providers differ on when they do which; some pre-qualify soft and pull hard at final approval, others pull hard at application. Soft vs. hard pulls and when they happen.

How it appears in a contract

An authorization to obtain credit reports in the application; the type of inquiry is often not stated, so ask.

Worked example

Applying to six providers in a week can produce six hard inquiries and a fraud flag; applying to one or two sequentially does not.

Illustrative figures on stated assumptions; not quotes.

What to ask

• Soft or hard, and at which stage?
• Is a hard pull made if I decline the offer?
• Which bureaus?

Related terms

Bank statement underwriting · Personal guarantee · SBA loan · all terms