Question
What kind of credit inquiry has no effect on your credit score? A hard inquiry has no effect on your credit score Both hard and soft inquiries have an effect on your credit score A soft inquiry has no effect on your credit score Neither hard nor soft credit inquiries have an effect on your credit score
Ask by Lawson Mullins. in the United States
Feb 26,2025
Upstudy AI Solution
Tutor-Verified Answer
Answer
A soft inquiry has no effect on your credit score.
Solution
A soft inquiry has no effect on your credit score.
To clarify:
1. **Hard Inquiry**: This occurs when a lender checks your credit report as part of their decision-making process for lending. Hard inquiries can affect your credit score and typically remain on your credit report for about two years.
2. **Soft Inquiry**: This occurs when you check your own credit report or when a lender checks your credit for pre-approval offers. Soft inquiries do not affect your credit score and are not visible to lenders.
Therefore, the correct answer is: **A soft inquiry has no effect on your credit score.**
Answered by UpStudy AI and reviewed by a Professional Tutor
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Simplify this solution Beyond the Answer
A soft inquiry has no effect on your credit score. Soft inquiries occur when you check your own credit or when companies pre-approve you for offers. These checks are harmless and won’t impact your creditworthiness, making them useful for keeping tabs on your financial health without any downside. On the other hand, hard inquiries happen when a lender assesses your credit report for a loan or credit application. While they can impact your score slightly, it's usually only for a short period. We all have our moments of applying for that shiny new credit card, but don’t worry; just being cautious about how often you apply can keep your score in check!
