Credit Tips

How much will a credit inquiry change my credit score?

Credit Karma Hack! Use Credit Karma to your advantage

Credit Inquiries: Soft or Hard which is better

Avoid Aggressive & Unsolicited Calls!

Don't get triggered by trigger leads!

I'd like to introduce you to a valuable tool for maintaining control over who accesses your credit information:

You can use the opt-out service at http://www.OptOutPrescreen.com.

By opting out, you prevent your credit details from being used for pre-screened offers, reducing the chances of your data being sold as trigger leads. This step empowers you to manage your financial privacy effectively.

Opting out lasts for five years, and while the request may take up to 30 days to take effect, I recommend acting sooner for your peace of mind.


Hard vs Soft Inquiries:

It's crucial to understand the distinction between "soft pulls" and "hard pulls" on credit reports. A soft pull, (soft credit inquiry) occurs when we check your credit report for informational purposes, such as during the pre-qualification assessment. The great thing about soft pulls is that they don't impact your credit score or add a new inquiry to your report.

On the other hand, hard pulls (hard credit inquiries), are triggered when you apply for credit, like a mortgage loan. While hard pulls may impact your credit score to some extent, the impact can vary. Multiple inquiries within a short period could negatively affect your credit score, so it's essential to be mindful of them.

During the pre-qualification process, I typically use a Soft Pull Tri-Merge Report from all three credit bureaus to assess your credit profile. This report allows us to evaluate your financial situation without affecting your credit score.


Understand Your Credit Utilization Ratio:

Your credit utilization ratio looks at your credit usage across ALL your credit accounts.

Credit Utilization Ratio = Total Credit Debt You Owe / Your Total Credit Limit

For a healthy credit score, you want to keep your credit utilization low, preferably 30% or less.


FAQ’s:


If you have any questions or concerns regarding this information, please don't hesitate to reach out. Your financial well-being is our priority, and we want to ensure that you have all the tools and knowledge needed for a smooth loan process.

Thank you for choosing us as your lending partner.

We look forward to assisting you further.  

This is not a commitment to lend. All loans are subject to credit approval. This information is not intended to be an indication of loan qualification, loan approval or commitment to lend. Other limitations may apply. No Tax Return loans products require other forms of income documentation and asset verification in lieu of tax returns. Not all applicants will qualify. Some products we offer may have a higher interest rate, more points or more fees than other products requiring more extensive or different documentation. Minimum FICO, reserve, and other requirements apply.

Kurt Raymond Kessler | NMLS #365130 | Barrett Financial Group, L.L.C. | NMLS #181106 | 2701 East Insight Way, Suite 150, Chandler, AZ 85286 | CA 60DBO-46052 & 41DBO-148702

Licensed by Dept. of Financial Protection & Innovation under the California Residential Mortgage Lending Act. Loans made or arranged pursuant to a California Financing Law License

Equal Housing Opportunity | Equal Housing Lender | | Licensing | Legal | Privacy-Policy/Terms & Conditions | Accessibility Statement

NMLS Consumer Access | nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/181106 | https://www.barrettfinancial.com

All Rights Reserved | Copyright © 2025