Hard vs. Soft Credit Pull in Idaho: What Borrowers and Realtors Should Know ✍️ Hard vs. Soft Credit Pulls in Idaho: What Homebuyers & Realtors Need to Know If you’re getting ready to buy a home or help a client in Idaho, you've probably heard the terms hard pull and soft pull tossed around. But what do they really mean - and how does it affect a borrower's credit score? In this guide, we break down the difference between a hard vs. soft credit pull in Idaho, how it impacts mortgage approvals, and what both realtors and homebuyers need to know. What Is a Soft Credit Pull? A soft credit pull (or inquiry) is like a casual glance at your credit report. It doesn’t affect your score and is often used for: Pre-qualification for a mortgage Credit monitoring services Background checks Promotional credit offers (you know, the ones promising a Hawaiian vacation for signing up) 💡 Idaho Pro Tip: Many local lenders - like ahem, 1st Choice Mortgage - use soft pulls during pre-qualification to give buyers a no-risk preview of where they stand. What Is a Hard Credit Pull? A hard credit pull (or inquiry) is the real deal. It happens when you officially apply for a loan or credit and give a lender permission to check your full credit report. Hard pulls occur when: You apply for a mortgage You apply for a car loan or credit card You refinance your home And yes, this does temporarily affect your score. How Many Points Does a Hard Credit Pull Cost? According to FICO: A hard pull usually drops your score by 3-5 points or less. The impact is temporary and minimal - unless you're applying for multiple loans you don't need (don't do that). 🏡 Mortgage Shopping Exception:FICO and VantageScore allow multiple mortgage-related hard pulls within a 45-day window to count as one inquiry. So, shop smart and compare Idaho lenders without fear! When Do You Get Those Points Back? Here's the good news: Most of the credit score drop recovers in 90 days if no other new credit activity occurs. The hard inquiry drops off entirely after 2 years. Responsible borrowing during and after your application will actually improve your score over time. Advice for Idaho Borrowers Don't panic over a hard pull - it's part of the process. Don't delay your pre-approval just to protect a few points. Work with a local lender who explains how your credit is used - like us at 1st Choice Mortgage! 😉 Advice for Realtors Educate your clients: Pre-qualifications often involve soft pulls. But it is better to get Pre-Approved, here is why: Pre-Approvals are Better Pre-approvals require a hard pull but are necessary for strong offers. Encourage clients to work with Idaho lenders (Hint, Hint, like us!) who protect their credit and explain the process thoroughly. 🎯 Call to Action: Want a soft pull mortgage pre-qual without hurting your score? Or ready for a full pre-approval with Idaho's top-rated local loan officer? Contact 1st Choice Mortgage today and let's get you home! Boise home loans credit pull explained credit tips Idaho hard credit inquiry Idaho Idaho mortgage education Idaho mortgage tips local lender Idaho Meridian credit tips Nampa credit score realtor credit advice soft pull mortgage 1st Choice Mortgage Company, LLC Click to Call or Text: (208) 375-5626 This entry has 0 replies Comments are closed.