A soft credit check looks at your credit file without leaving a visible mark. It has no effect on your credit score. A hard check is recorded on your file and happens when you formally apply for credit.
What's the difference between a soft and a hard check?
A soft check is a light-touch review used for eligibility checks, quotes, and identity verification. It won't affect your credit score or be visible to other lenders.
A hard check is a full search recorded on your file, visible to other lenders for up to 24 months. Lenders run one when you formally apply for credit. A single hard check usually has only a small, short-term effect. The bigger risk is making several applications in quick succession, which can signal financial pressure to lenders.
Does NestEgg do a hard check?
It depends on the stage. When you use NestEgg to check your eligibility, we use a soft check only. This won't affect your credit score. If you then choose to formally apply with a credit union, that application will involve a hard check, as it would with any lender.
Will applying hurt my credit score?
A single hard check usually has only a small, short-term effect on your score. The bigger risk is making multiple applications in quick succession - so it's worth using the soft check stage to find your best match before formally applying
What to do next
Complete NestEgg's eligibility check to see which credit unions are likely to accept you. This stage is soft check only.
Before formally applying, confirm with the credit union that a hard check will be run so there are no surprises.
Free debt and money advice If you are worried about debt or your finances more broadly, free and confidential help is available from: StepChange: www.stepchange.org Citizens Advice: www.citizensadvice.org.uk National Debtline: www.nationaldebtline.org |