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Understanding Soft Inquiries and Their Impact on Your Credit

At O1ne Mortgage, we believe in empowering our clients with the knowledge they need to make informed financial decisions. If you have any mortgage-related questions, feel free to call us at 213-732-3074. In this article, we will explore the concept of soft inquiries, how they work, and their impact on your credit score.

How Does a Soft Inquiry Work?

A soft inquiry, also known as a soft credit check or soft credit pull, occurs when you or someone you authorize, such as a potential employer, checks your credit report. Companies like credit card issuers or mortgage lenders may also perform soft inquiries to preapprove you for offers. Unlike hard inquiries, soft inquiries do not affect your credit scores as they are not linked to a specific credit application.

Can You See Soft Inquiries on Your Credit Report?

Yes, you can view soft inquiries on your credit reports. You can request a free copy of your credit report from each major credit bureau (Experian, Equifax, and TransUnion) weekly through AnnualCreditReport.com. Additionally, you can check your Experian credit report for free. Keep in mind that each report may show different inquiries, as an inquiry is only added to the credit report that was checked.

How Do Soft Inquiries Impact Credit Scores?

Soft inquiries do not impact your credit scores. Credit scoring models analyze the information in your credit report to generate your score, and soft inquiries are not considered in this process. Hard inquiries, on the other hand, may remain on your credit reports for about two years and can affect your scores, though the impact is typically minimal and short-lived.

Should You Worry About Inquiries?

Generally, hard inquiries play a minor role in your credit score, and the fear of a hard inquiry should not deter you from applying for credit when necessary. Soft inquiries are even less concerning, as they do not impact your credit scores at all. You could have numerous soft inquiries on your credit reports without any negative effect.

For any mortgage-related needs or questions, don’t hesitate to contact O1ne Mortgage at 213-732-3074. Our team is here to assist you with confidence and expertise.

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