HARD CREDIT INQUIRY Definition & Meaning

hard credit inquiry

[hahrd kred-it in-kwuh-ree]

Phonetic (Standard)IPA

noun

Finance.

a formal assessment of creditworthiness made by a lender or credit issuer with the permission of a potential borrower who has applied for a loan, line of credit, or credit card.
Hard credit inquiries appear on a person’s credit report and can affect their credit score.

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51�Թ� History and Origins

Origin of hard credit inquiry¹

First recorded in 2000–05

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Example Sentences

Examples have not been reviewed.

Every time there is a hard credit inquiry on your credit file, your credit score will drop by a few points.

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When you apply for most types of credit, a “hard credit inquiry” will appear on your credit report, which can have a negative impact on your credit score.

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In addition to a hard credit inquiry, credit bureaus also offer banks and financial institutions the opportunity to complete a soft credit inquiry.

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At that stage, the credit card company will complete a hard credit inquiry.

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But you may want to tread with caution because a customer-requested credit limit increase could result in a hard credit inquiry, which will ding your credit score temporarily – regardless of whether or not an increase is granted.

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