LENDNATION WIKI
Hard Inquiry
A hard inquiry happens when a lender checks your credit report as part of a loan or credit card application. Hard inquiries show up on your credit report and stay there for up to two years. Each one has the potential to lower your credit score by a few points.
What is a Hard Inquiry?
When you apply for a loan, credit card, or mortgage, the lender pulls your credit report to review your history. This pull is called a hard inquiry. This gives the lender a look at your borrowing history and helps them decide on your application.
A single hard inquiry usually only lowers your score by a small amount. But several hard inquiries in a short time add up.
How to Manage Hard Inquiries
A good way to handle hard inquiries is to limit how many show up on your credit report. Apply for credit only when you need it and make sure the credit fits your budget.
Try not to apply for several types of credit back to back. Too many applications in a short time makes lenders view you as a higher risk.
Check your credit report from time to time too. If you see a hard inquiry you did not approve, you have the right to dispute the error with the credit bureau.
Soft Inquiries vs. Hard Inquiries
Not all credit checks are the same. A soft inquiry does not affect your credit score. Pre-qualification checks, employer background checks, and checking your own credit are all soft inquiries.
If you want to see what credit options are out there without affecting your score, look for lenders offering pre-qualification.
Hard Inquiries and LendNation
When you apply for a loan with LendNation, a credit check is part of the process. LendNation looks at more than your credit score. They also consider factors like your income, job history, and ability to repay. Even if you don’t have perfect credit, LendNation has products designed for people with less-than-perfect credit. Products and terms vary by state.
Get a flexible installment loan today -Apply online or in-store!
Summary
Hard inquiries happen when a lender reviews your credit report for a loan or credit application. They stay on your report for up to two years and have the potential to lower your score by a few points. Limiting the number of hard inquiries helps keep your credit score strong.
If you’re exploring your options, you can apply online at LendNation or stop by a store near you.