Dear Dr. Don, If your current credit card provider does a soft inquiry on your credit report, does it show up on your report's credit history like your own inquiries? -- Dee DetailsDear Dee, The difference between a hard inquiry and a soft inquiry on your credit report is the difference between applying for credit and having your credit monitored.A hard inquiry happens when you apply for credit. You've initiated the credit application process. A hard inquiry stays on your credit report for two years but is only used in calculating your credit score for one year.A soft inquiry takes place when an existing creditor reviews your file or a prospective creditor looks at the file as part of a marketing decision. Your decision to review your credit report also generates a soft inquiry. These soft inquiries have no impact on your credit score.You are the only person who gets to see these soft inquiries on your credit report. Creditors and other parties eligible to review your credit report see your account relationships and the hard inquiries, but not the soft inquiries. advertisementRelated Links:Beat 3 refinance hurdles3 steps to refinance your mortgageLayaway makes a comebackRelated Articles:Contacting the credit bureausCredit reports free for allCorrecting mistakes on your credit report
Dear Dr. Don, If your current credit card provider does a soft inquiry on your credit report, does it show up on your report's credit history like your own inquiries? -- Dee Details
Dear Dee, The difference between a hard inquiry and a soft inquiry on your credit report is the difference between applying for credit and having your credit monitored.
A hard inquiry happens when you apply for credit. You've initiated the credit application process. A hard inquiry stays on your credit report for two years but is only used in calculating your credit score for one year.
A soft inquiry takes place when an existing creditor reviews your file or a prospective creditor looks at the file as part of a marketing decision. Your decision to review your credit report also generates a soft inquiry. These soft inquiries have no impact on your credit score.
You are the only person who gets to see these soft inquiries on your credit report. Creditors and other parties eligible to review your credit report see your account relationships and the hard inquiries, but not the soft inquiries.
Bankrate wants to hear from you and encourages thoughtful and constructive comments. We ask that you stay focused on the story topic, respect other people's opinions, and avoid profanity, offensive statements, illegal contents and advertisement posts. Comments are not reviewed before they are posted. Bankrate reserves the right (but is not obligated) to edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused.
By submitting a post, you agree to be bound by Bankrate's terms of use. Please refer to Bankrate's privacy policy for more information regarding Bankrate's privacy practices.
A little research could save you BIG on interest.