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Soft vs hard hit on credit

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    Soft vs hard hit on credit

    Is there any way to find out if an inquiry will be a hard or soft hit before doing a pre approval etc?

    Thanks
    Discharged Ch 7 9/10/08
    Livin' the GOOD life

    #2
    there is a credit board forum that keeps a database of pulls and they also have a thread on what banks do soft pulls vs. hard pulls. If you want the site I'll pm it to you.
    BK Ch 7 Discharged 09/2009 | Anything I say can and should be used as friendly advice and sharing of experiences with an unbiased viewpoint.
    Scores: EQ 745 EX 704 TU 710 as of 08/15/2012

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      #3
      If you apply for credit, that will ALWAYS be a hard pull. Soft Pulls are marketing pulls done behind the scenes.

      Soft pulls HAVE NO affect on credit

      Hard pulls, barely affect your credit. (even in the worst case scenario, we are only talking about single digit point moves).

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        #4
        The OP was asking about Pre-approvals. There are lots of places that do soft pulls for preapprovals. However, if you do end up submitting the application they will do a hard pull afterward.
        BK Ch 7 Discharged 09/2009 | Anything I say can and should be used as friendly advice and sharing of experiences with an unbiased viewpoint.
        Scores: EQ 745 EX 704 TU 710 as of 08/15/2012

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          #5
          Originally posted by Amy26 View Post
          The OP was asking about Pre-approvals. There are lots of places that do soft pulls for preapprovals. However, if you do end up submitting the application they will do a hard pull afterward.
          Correct. Also note that pre-approvals are usually sent to everyone on a mailing list obtained by the creditor...they just send them out to everyone ("Wow, we got pre-approved!") and to those that apply even after reading all the fine print that they are really not guaranteed approval ("pre-approval" does not mean a thing), a hard pull on one's credit is done but there is no guarantee one will be approved.
          _________________________________________
          Filed 5 Year Chapter 13: April 2002
          Early Buy-Out: April 2006
          Discharge: August 2006

          "A credit card is a snake in your pocket"

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