For those who find themselves novices to the world of auto finance options, the idea of a soft credit check might seem like a huge hurdle to jump. Fear not! The professionals here at Dyer Chevrolet Fort Pierce are here to help you navigate the not-so-complicated world of credit checks and the like. Have a look at this quick guide on navigating soft credit inquiries now! We’ll walk you through the ins and outs of soft credit pulls and all that they entail.
So, What’s a Soft Credit Pull?
A soft credit pull is when you look at your credit history for a pre-approval, without actually impacting your overall score. Most people want to opt for a soft credit check over a hard inquiry because of the toll hard credit pulls take on your score.
A hard inquiry can remain on your credit report for up to two years, with the score impact lasting a few months. In contrast, a soft inquiry happens when someone peeks at your credit report without you directly applying for credit. These types of pulls hold little risk to the lender and borrower; therefore, there’s no impact on the overall credit score.
Here are times when a soft credit check occurs:
On average, you want to pull your credit history around 2-3 times a year (if at all). Multiple credit pulls can adversely impact your credit, as well as your eligibility for a loan. If you opt for an auto loan, your credit score and history will directly impact your ability to access desired rates. So the next time you’re considering financing a car at a new car dealership near St. Lucie, think of this.
If you apply for a pre-approval, the chances that your lender implemented a soft inquiry to deem you worthy are high. Initially, it might sound a tad scary––the process of accessing an approval. We promise it’s a lot simpler than you think. The next time you’re considering a new vehicle purchase in Fort Pierce, feel free to think of us! We have tons of reliable models for sale, along with the financing options to match, plus a valuable trade appraisal service.