hard credit inquiry

American  

[hahrd kred-it in-kwuh-ree] / ˈhɑrd ˈkrɛd ɪt ˌɪn kwə ri /

noun

Finance.

1. a formal assessment of creditworthiness made by a lender or credit issuer with the permission of a potential borrower who has applied for a loan, line of credit, or credit card.

   Hard credit inquiries appear on a person’s credit report and can affect their credit score.

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Etymology

Origin of hard credit inquiry

First recorded in 2000–05

Example Sentences

Every time there is a hard credit inquiry on your credit file, your credit score will drop by a few points.

From Seattle Times

When you apply for most types of credit, a “hard credit inquiry” will appear on your credit report, which can have a negative impact on your credit score.

From Forbes

In addition to a hard credit inquiry, credit bureaus also offer banks and financial institutions the opportunity to complete a soft credit inquiry.

From Forbes

At that stage, the credit card company will complete a hard credit inquiry.

From Forbes

But you may want to tread with caution because a customer-requested credit limit increase could result in a hard credit inquiry, which will ding your credit score temporarily – regardless of whether or not an increase is granted.

From US News