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Hard Vs Soft.

There is alot of confusion on what can and cannot hurt your credit score. Does pulling your credit hurt your score? Yes and No.

How can it be both? Well there are to types of inquires used, hard and soft.

Hard inquires are what you get when you apply for credit, jobs, housing, etc. A hard inquiry will ding your credit. It will last about 6 months and thereupon start to fade away. that is one reason to be careful when applying for credit, whether you dont know your score going in and have poor credit, that is going to assemble it worse.

There are a few exceptions to the rules, when applying for a car or a home, you will get dinged but soon after have a grace period. About a two week period, in which you can shop around for the best rate, and hard inquires in that date period will not count against you, just the intial inquiry will. They do that considering you will not be approved or assigned a rate until your credit score is known. thereupon another lender might be able to get you a better deal on the rate, so you can shop around a bit when

applying for a home or a car.

When making a large purchase such as a home or car, you should know yoru score before you go apply for credit. That way you will have a very good view of what rate you will get and it will help you determine how much you want to spend each month.

That leads me into soft inquirys. You yourself can pull you credit as often as you would like, thats called a soft inquiry. Soft inquirys do not harm your credit score, after all it is your credit file, you should be able to check it as often as you would like. And you should check it often!

If you are going to be purchasing a car or a home, you should be checking your credit often. whether your credit is low, take a month or two and learn how you can raise your credit score. whether your credit is good, thereupon look around for the best rates that you can get.

A credit monitoring program is the best tool you can get to help you raise your credit, and to maintain the good credit you have!

Ken

Orginal post by Ken

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