Are you worried about checking your credit score only to see it drop? That fear often stops people - especially those with credit concerns - from taking the first step in buying a car.
At Walt Sweeney, we've partnered with Capital One to make the process transparent and worry-free. The secret? Understanding the difference between a "soft pull" and a "hard pull" on your credit. ​
What is a "Soft Pull" (The Friendly Check)
A soft credit pull (also called a soft inquiry or soft check) is essentially a background check of your credit history.
Key Characteristics:
Who can do it? You, or a company you already have a relationship with (or a company checking to see if you qualify for a pre-approved offer). In your case, a tool like Capital One Auto Navigator uses a soft pull. ​
Does it hurt my score? No. A soft pull does not affect your credit score in any way. It's a risk-free way to explore your options.
​
What information is visible? It provides a high-level view of your credit file, including credit accounts, debt balances, and payment history.
What information is visible? The full credit report, giving the lender everything they need to approve or deny the loan and set the final terms. When is it used?
Checking your own credit score (e.g., through CreditWise).
Pre-qualifying for a loan or credit card.
​Insurance or rental background checks.​
Pre-employment screening.
The Walt Sweeney/Capital One Advantage: When you use Capital One Auto Navigator to get pre-qualified for a car loan, it only uses a soft pull. You get to see your real rate and monthly payment
before you commit, and your score remains safe!
What is a "Hard Pull" (The Commitment Check
A hard credit pull (or hard inquiry) is a much deeper dive into your credit report. This type of check happens when you are actively applying for new credit and a lender needs to make a final decision.
Key Characteristics: ​
Who can do it? Only a lender with your explicit written permission to review your credit file for a final application.
Does it hurt my score? Yes, slightly. A hard pull typically causes a small, temporary drop (usually less than 5 points) in your credit score. These inquiries remain on your report for two years.
​
When is it used?
Formally applying for a mortgage, personal loan, or credit card.
Applying for a new car loan once you've selected the vehicle.
The Good News About Hard Pulls for Car Shopping
If you are shopping around for the best car loan rates, multiple hard inquiries can add up and hurt your score. However, credit scoring models like FICO and VantageScore recognize that you are likely shopping for only one car loan.
Therefore, multiple hard inquiries for auto loans made within a short shopping window (typically 14 to 45 days, depending on the model) are usually counted as a single inquiry. This allows you to rate-shop without fear of punishing your score for every single dealer you visit.
Ready to Drive Your Future?
Join us for the "Drive Your Future: A Capital One and Walt Sweeney Credit Event"! We'll have experts on hand to personally walk you through the financing process.
https://www.waltsweeney.com/co/prequalification.htm
At Walt Sweeney, we've partnered with Capital One to make the process transparent and worry-free. The secret? Understanding the difference between a "soft pull" and a "hard pull" on your credit. ​
What is a "Soft Pull" (The Friendly Check)
A soft credit pull (also called a soft inquiry or soft check) is essentially a background check of your credit history.
Key Characteristics:
Who can do it? You, or a company you already have a relationship with (or a company checking to see if you qualify for a pre-approved offer). In your case, a tool like Capital One Auto Navigator uses a soft pull. ​
Does it hurt my score? No. A soft pull does not affect your credit score in any way. It's a risk-free way to explore your options.
​
What information is visible? It provides a high-level view of your credit file, including credit accounts, debt balances, and payment history.
What information is visible? The full credit report, giving the lender everything they need to approve or deny the loan and set the final terms. When is it used?
Checking your own credit score (e.g., through CreditWise).
Pre-qualifying for a loan or credit card.
​Insurance or rental background checks.​
Pre-employment screening.
The Walt Sweeney/Capital One Advantage: When you use Capital One Auto Navigator to get pre-qualified for a car loan, it only uses a soft pull. You get to see your real rate and monthly payment
before you commit, and your score remains safe!
What is a "Hard Pull" (The Commitment Check
A hard credit pull (or hard inquiry) is a much deeper dive into your credit report. This type of check happens when you are actively applying for new credit and a lender needs to make a final decision.
Key Characteristics: ​
Who can do it? Only a lender with your explicit written permission to review your credit file for a final application.
Does it hurt my score? Yes, slightly. A hard pull typically causes a small, temporary drop (usually less than 5 points) in your credit score. These inquiries remain on your report for two years.
​
When is it used?
Formally applying for a mortgage, personal loan, or credit card.
Applying for a new car loan once you've selected the vehicle.
The Good News About Hard Pulls for Car Shopping
If you are shopping around for the best car loan rates, multiple hard inquiries can add up and hurt your score. However, credit scoring models like FICO and VantageScore recognize that you are likely shopping for only one car loan.
Therefore, multiple hard inquiries for auto loans made within a short shopping window (typically 14 to 45 days, depending on the model) are usually counted as a single inquiry. This allows you to rate-shop without fear of punishing your score for every single dealer you visit.
Ready to Drive Your Future?
Join us for the "Drive Your Future: A Capital One and Walt Sweeney Credit Event"! We'll have experts on hand to personally walk you through the financing process.
https://www.waltsweeney.com/co/prequalification.htm
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