Hard Credit Inquiry
A credit check performed when a lender reviews a full credit application, which can cause a small, temporary dip in a credit score.
A hard inquiry typically occurs once a business or individual formally applies for financing and authorizes a full credit pull, as opposed to a pre-qualification check, and multiple hard inquiries in a short period can compound their effect on a score.
Because of this, comparing offers through pre-qualification (which generally uses a soft inquiry) before submitting full applications everywhere can help limit the credit impact of shopping multiple lenders.
Related funding options
Ready to explore your funding options?
One application, matched to funding options across our lending network.