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Finwise Pulls: What Credit Score?
When it comes to applying for loans or credit cards, one of the crucial factors that lenders consider is your credit score. Your credit score is a numerical representation of your creditworthiness, and it plays a significant role in determining whether you’ll be approved for credit or not. However, many people are unaware of the process involved in obtaining their credit scores and the different types of credit pulls that can occur. In this article, we will focus on Finwise Pulls and answer some frequently asked questions related to credit scores.
What is a Finwise Pull?
A Finwise Pull, also known as a “soft inquiry” or “soft pull,” refers to a credit check that does not impact your credit score. This type of credit inquiry is typically conducted for informational purposes, such as when you check your own credit report or when a lender pre-approves you for a credit offer. Finwise Pulls provide a snapshot of your credit history without leaving a mark on your credit report.
What Credit Score Does Finwise Pull?
Finwise Pulls typically retrieve your credit score from one of the three major credit bureaus: Equifax, Experian, or TransUnion. These credit bureaus collect information about your credit history, including your payment history, credit limits, and outstanding debts. Based on this information, they calculate your credit score using specific algorithms. The credit score obtained from a Finwise Pull is usually the same as the score that lenders see when they conduct a credit check.
How Does a Finwise Pull Affect Your Credit Score?
The great advantage of Finwise Pulls is that they do not impact your credit score. As mentioned earlier, these inquiries are considered soft inquiries and are not visible to other lenders or creditors. Therefore, checking your credit score through a Finwise Pull will not have any negative consequences on your creditworthiness.
When Should You Use a Finwise Pull?
There are various situations where you might consider using a Finwise Pull to check your credit score. Here are a few examples:
1. Personal financial management: Regularly reviewing your credit score is essential for monitoring your overall financial health. By using a Finwise Pull, you can keep track of your credit score without worrying about potential negative effects.
2. Pre-approval for credit offers: Some lenders pre-approve individuals for credit offers based on their creditworthiness. These pre-approvals often involve a Finwise Pull to determine if you meet the criteria for their credit products.
3. Employment screening: In some cases, employers may request access to your credit report as part of their hiring process. However, they typically perform a soft inquiry, which does not affect your credit score.
Frequently Asked Questions about Finwise Pulls:
Q: Can lenders see Finwise Pulls?
A: No, Finwise Pulls are not visible to lenders or other creditors. They are strictly for informational purposes and do not impact your creditworthiness.
Q: How often can I use a Finwise Pull?
A: You can use a Finwise Pull as frequently as you wish. There are no limitations or negative consequences associated with checking your credit score through this method.
Q: Will a Finwise Pull show all the information on my credit report?
A: No, a Finwise Pull typically provides a summary of your credit history, including your credit score and some key factors that affect it. For a detailed credit report, you may need to obtain a full credit report from one of the credit bureaus.
Q: Do Finwise Pulls affect my chances of getting approved for credit?
A: No, Finwise Pulls do not impact your creditworthiness or your chances of getting approved for credit. Lenders typically conduct a hard inquiry, which does affect your credit score, when considering your credit applications.
In conclusion, Finwise Pulls are a convenient way to check your credit score without worrying about any negative consequences. They provide a snapshot of your creditworthiness and can be used for personal financial management, pre-approval for credit offers, and employment screening. By understanding the different types of credit pulls and their effects, you can make informed decisions about your credit applications and overall financial well-being.
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