Credit inquiries, also known as credit pulls or checks, are a standard part of assessing creditworthiness. However, not all credit inquiries are the same. They fall into two main categories: hard and soft credit inquiries. Understanding the differences between these two types is crucial for managing your credit health and avoiding misconceptions. Below, we explore the distinctions between hard and soft credit inquiries to provide clarity on their purpose and impact. 1. Purpose and Usage Hard and … [Read more...]
Will Refinancing Impact Your Credit?
Refinancing a mortgage can provide significant financial benefits, such as lowering your interest rate or accessing home equity. However, it’s important to understand how the process may temporarily affect your credit score. Here’s an in-depth look at the potential short- and long-term effects of refinancing on your credit, along with tips for minimizing any negative impacts. What Does It Mean to Refinance a Mortgage? When you refinance, you replace your existing mortgage with a new … [Read more...]
