Hard inquiries or hard credit pulls can impact your credit score. You should limit the number of authorized hard credit pulls so you won't lower your credit score. If a lender does a hard pull on your credit, you have a 30-day window to shop around for the right financing for your business. Here are some things to remember when you’re rate shopping:
- If you need a loan, do your rate shopping within a focused period such as 30 days.
- FICO scores distinguish between a search for a single loan and a search for many new credit lines, in part by the length of time over which the inquiries occur.
Soft inquiries or soft credit pulls have no impact on your credit scores. Soft inquiries can happen as part of a lender pre-approving you for an offer or having your account reviewed by a company you’re in business with.