What is soft pull vs hard pull when it comes to finance applications?

Soft Pull: Also known as a soft credit inquiry or soft credit check, is a credit check that does not impact your credit score. This typically applies to pre-qualification or any estimates provided without submitting an application. The soft inquiry applies to both the submitter and their co-applicant, if applicable.

Hard Pull: Also known as a hard credit inquiry or hard credit check, a lender checks your credit report as part of a formal loan application. It may temporarily lower the score of anyone whose credit is checked. If you apply with a co-applicant, the lender may check their credit too. Check the application’s consent terms to see whose credit may be checked. best to check the application's consent language to confirm who is authorizing a credit check.