My Credit Report Info

A ’soft hit’ or a ‘hard hit’ is also known as a ’soft inquiry’ or a ‘hard inquiry’. When you pull out your own Credit Report it is known as a ’soft hit’ or a ’soft inquiry’. On the other hand when you apply for a loan or a mortgage, the lender or the bank will pull out your Credit Report. When the bank or lender pulls out your Credit Report it is know as a ‘hard hit’ or a ‘hard inquiry’.

A ’soft hit’ or ’soft inquiry’ has no effect on your Credit Score but a ‘hard hit’ or ‘hard inquiry’ has exponential effect on your Credit Score. Exponential means that one or two ‘hard hits’ or ‘hard inquiry’ over a month will have little effect on your Credit Score. But if there were 5 or 6 ‘hard hits’ or ‘hard inquires’, the ‘hard hits’ will have a noticeable effect on your Credit Score. This is due to the fact that a ‘hard hit’ or ‘hard inquiry’ may signify a new loan and the more ‘hard hits’ or ‘hard inquiry’ the more probability that the consumer is in desperate need of a loan. On the other hand many ’soft hits’ or ’soft inquires’ may suggest that you are financially responsible and lenders may be more than happy to offer you a loan.

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