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When you put in the official application for a credit card, the card issuer will run a hard credit inquiry and request your credit report from a bureau, then calculate your creditworthiness based ...
There are two different types of credit inquiries: hard inquiries, which can have a negative effect on your credit score, and soft inquiries, which don’t affect your credit score at all.
There are two ways potential lenders and creditors check your credit: A hard credit inquiry or a soft credit inquiry. A hard credit inquiry impacts your credit score (usually by a few points), is ...
On the other hand, hard inquiries impact your score since they’re credit information requests solely for obtaining new credit, including credit cards or a credit line increase.
In lending, a pre-approval is the pre-qualification for a loan or mortgage of a certain value range. [1]For a general loan a lender, via public or proprietary information, feels that a potential borrower is completely credit-worthy enough for a certain credit product, and approaches the potential customer with a guarantee that should they want that product, they would be guaranteed to get it.
Keep in mind: Soft inquiries are usually not indicative of a firm financial commitment, so they don’t affect your credit score. Hard inquiry vs. soft inquiry. The following chart illustrates ...