Soft Pulls (Part 1)

WHAT IS A SOFT CREDIT PULL?

When it comes to credit bureau pulls, there are two different kinds—soft pulls and hard pulls.  Every lender who looks at your credit application will do a hard pull, whether for a loan or credit card.  Hard pulls only report to the credit bureau that is pulled – i.e. if a TransUnion is pulled, that pull reports to TransUnion – and each pull reflects on your bureau for about two years.  Anyone who pulls your bureau can see the history.  It’s also important to know that a hard pull will cause a slight dip in your credit score.  The more hard pulls, the bigger the effect.

The other type of credit bureau pull is a soft pull.  Soft pulls are different in two ways: 1) they do not report to the bureaus, and 2) they do not lower your credit score.  While a loan or credit card decision cannot be made from a soft pull, it does provide a look into your credit bureau history.  This is a service we provide for our customers to help advise you throughout your loan process.  Our pulls can be soft because we are not a lending institution.

During the financing process, your credit is of utmost importance.  We find that a soft pull can eliminate unnecessary hard pulls (which helps prevent additional dips in your credit score while shopping), and gives us a real picture of your credit bureau without affecting your credit score.  It’s important to protect your credit, as every point helps.

At Jireh Financial, our goal is to help you protect your credit and purchase a boat or RV.  While hard credit pulls are a necessary part of borrowing money, our soft pull and review process does not affect your score.  Let us help you protect your credit, and eliminate unnecessary hard credit pulls, while securing the loan for your boat or RV purchase!  We’re ready when you are!

-The Jireh Financial Team (Ken, Cindy, Hannah, Marty, and Nick)