How Hard & Soft Credit Inquiries Can Affect Your Score

Posted by About Mortgage on February 22nd, 2019

Many homeowners who feel the pain of dealing with high mortgage payments look for an alternative route out. This is where refinancing a mortgage has become a viable option for homeowners. However, this decision of taking a home loan or refinancing a mortgage must not be taken in haste. It is very important to take into consideration every crucial aspect to reach a well-informed decision. One such important consideration is creditworthiness through your credit score. Before giving permission to a third party to run an inquiry on your credit history, it is important that you understand its consequences.

Also known as credit pull, a credit inquiry is essentially a request by a borrower to check your credit.

Soft Credit Checks

Soft credit checks don’t affect your credit score, so you need not worry when applying for a loan or an inquiry, even if they occur without your permission. Soft inquiry can be considered as “background checks” when a mortgage lender pre-approves you for a loan or an employer for a job. Although soft inquiries do not affect your credit score, they may have an impact on certain decisions made by the business or other systems that you have sent an application.

Hard Credit Checks

Hard inquiries, on the other hand, may lower your credit score by a few points; however, it may have temporary effects. If you shop around for a better home loan refinance rates and lenders make multiple hard inquiries, it could negatively impact your credit score. The good thing about these inquiries is that they don’t occur without your permission. When a business or lender carries out this inquiry without taking clear consent from you, checking the credit report details aids in the decision for dispute.

About My Mortgage is empowering the public to make the most informed financing decision possible. Need quality assistance on refinancing? Send your inquiry today!

More information and a link to a credit report is available at

Author's Bio - The author is an online blogger. This article is about credit inquiries.

About Mortgage

About the Author

About Mortgage
Joined: February 19th, 2019
Articles Posted: 2

The ONLY Vital Credit Card
Earn 5% Cash Back on all of your purchases plus additional cashback for sharing the offer with your friends and family! This is the ONLY credit card you need! Competitive APR's, No annual fee, Elegant Metal Card Design!
Claim 1 FREE Stock! No Purchase Necessary!
You have a 100% chance of receiving one free stock! Click to claim and have a chance to get one share of Facebook, Visa, Microsoft and others for free!
FREE App - Earn up to 25/gal cash back on gas!
Download this FREE app and earn cash-back when you buy gas, groceries and food! 100% FREE to join and FREE to earn cash back on your everyday purchases!
Quality Office Furniture USA Shipped Direct - Madison Liquidators
Nationwide vendor of quality office furnishings including Desks, Office Chairs, Conference Tables, Cubicles and more!
Earn HNT Tokens with a Helium Hotspot!
Pre-Order a Helium hotspot and earn HNT tokens that are redeemable for USD. Set it and forget it!
Lolli: Earn Free Bitcoin When You Shop Online!
Lolli is a rewards application that gives you bitcoin for shopping at your favorite online stores.