You’ve probably heard it’s a bad thing to have your credit report pulled too often.
Well yes and no.
First, you should know the difference between what’s called a “soft pull” and a “hard pull”.
- A soft pull is a credit inquiry you request yourself, or one that’s done for promotional offers. Those preapproved offers you get in the mail.
- A hard pull or inquiry are the ones to watch closely. They come from potential lenders when you apply for a loan. The good news is, they get lumped together. So if you’re shopping for a new car and suddenly you have a lot of credit inquiries, the credit bureaus understand you’re shopping around. Still, they make note of a hard credit inquiry.
So when it comes to your credit report, be very careful about who’s checking it out.
Do us a favor please. Tell your friends about us so they can be smarter about their money too.
