What are Soft Pulls?
Soft pulls, also known as soft inquiries, are a type of credit check that doesn't affect your credit score. They occur when you or a lender checks your credit report for informational purposes, such as pre-approval offers or account reviews.
- Soft pulls are not reported to the credit bureaus
- They do not impact your credit utilization ratio
- They are only visible to you and the entity performing the check
How Do Soft Pulls Differ from Hard Inquiries?
Hard inquiries, on the other hand, occur when you apply for credit and can temporarily lower your credit score. The key differences between soft pulls and hard inquiries are:
- Hard inquiries require your consent
- They are reported to the credit bureaus
- They can affect your credit score
Do Soft Pulls Affect Credit Scores?
No, soft pulls do not directly affect your credit score. However, it's essential to note that multiple hard inquiries within a short period can negatively impact your credit score.