When applying for credit, lenders will often access your credit score through a hard pull credit check. Hard pull credit checks are the most thorough type of credit check, and they can have a significant impact on a person’s credit score. It is important to understand how hard pulls work and how much they can affect your score so that you can make the best decision when applying for credit.
What is a Hard Pull Credit Check?
A hard pull credit check is a more thorough form of credit check. It is also known as a hard credit inquiry, and it allows the lender to access more detailed information about your credit history. This includes your credit score, your credit report, and any recent credit applications. When a lender does a hard pull credit check, the inquiry is recorded on your credit report and can stay there for up to two years.
How Much Does a Hard Pull Credit Check Hurt Your Score?
A hard pull credit check can have a significant impact on your credit score. Generally, a hard pull credit check will cause your score to drop anywhere from five to ten points. This can have a significant impact on your score, particularly if your credit score is already low or if you have recently applied for multiple forms of credit.
The impact of a hard pull credit check can be even greater if you have recently applied for multiple forms of credit. When you apply for multiple forms of credit in a short amount of time, you can be seen as a risky borrower by lenders, which can cause your score to drop even further. Additionally, if you have a low credit score or a limited credit history, a hard pull credit check can cause your score to drop significantly more than if you had a higher credit score.
The Impact of Multiple Hard Pull Credit Checks
When applying for credit, it is important to consider the impact of multiple hard pull credit checks. Applying for multiple forms of credit in a short amount of time can have a more significant impact on your credit score than a single hard pull credit check. This is because multiple hard pulls can make you look like a risky borrower to lenders, and the inquiries can stay on your credit report for up to two years.
Try to limit the number of hard pull credit checks you do. If possible, try to space out your applications to lessen the impact on your credit score. Additionally, you may want to consider using a soft pull credit check instead. Soft pull credit checks are less intrusive and do not show up on your credit report, meaning they will not affect your credit score.
Final Thoughts
A hard pull credit check can have a significant impact on your credit score. Generally, it will cause your score to drop anywhere from five to ten points, but this can vary depending on your credit score and recent credit activity.
Additionally, applying for multiple forms of credit in a short amount of time can cause your score to drop even further. It is important to be aware of the impact a hard pull credit check can have so that you can make the best decision when applying for credit.
