Do Soft and Hard Inquiries Affect your Credit Score?

Do Soft and Hard Inquiries Affect your Credit Score?

When applying for mortgage loan from Sun West Mortgage, you would be required to undergo loads of inquiries. These inquiries would be pertinent for the lender to make in order to ensure they have been making the right choice of borrower. However, with a plethora of inquires pertaining to your preapproved offers, you may often wonder whether it would affect your credit score.

You should be rest assured that inquiries for preapproved offer do not affect credit score unless the potential borrower would follow the actual application process thoroughly. Despite the potential borrower being preapproved, he or she would be required to fill the application accompanying the preapproval process. In case, you wonder about the preapproval process, you should be rest assured that it is a means whereby the lender would contemplate that the person entails high chance of being approved. However, it should not be taken to be a guarantee of providing final approval for mortgage loan.

You would come across two kinds of inquiries, namely,

  • Hard inquiry
  • Soft inquiry

The soft inquiry would require the mortgage lender providing pre-approval to a customer line of credit.  It would also happen in event of the current lender pulling a credit report for reviewing a specific account on when the debt collector would check the credit report for making a recent activity.

On the other hand, the hard inquiry would be when someone applying for credit loan or card would be filling out the application during the preapproval process. At times, the mortgage lender would be using the soft inquiry that has been pulled previously. At other times, the sun west mortgage lender would pulls out a brand new report for their hard inquiry needs.

Soft inquiries would only be viewed by the consumer. It would not accompany any kind of requests for credit report. Soft reports would not affect your credit score in any manner, as other available lenders would not be able to view it. However, hard inquiries would impact the credit score, but the affect would be relatively lower. It would be unfortunate that other lenders would be able to see them and at times deny the credit application, as the potential customer would be having several recent inquiries. The hard inquiries would be off the credit report in a matter of two years.

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