Credit checks come in two flavors: the gentle soft pull and the more intense hard pull. A soft pull offers just a cursory peek into your credit accounts and history without ruffling your credit score. Typically, these light-touch inquiries are run by prospective employers, credit card issuers scoping you out, or simply when you’re eyeballing your own credit report.
Flip the coin, and you have the hard inquiry — a more invasive spelunk into your financial track record and account management. For most lending offers, this in-depth inspection is mandatory before an official approval or card proposal comes your way. The key distinction? A hard pull usually knocks your score down slightly, but only for a short-lived spell.
Thankfully, soft pull credit cards sidestep this heavy-handed check. Opening an account with such cards demands nothing more than that subtle soft inquiry, making the approval process smoother and less alarming for your credit profile.
Insights From Bankrate
While hard inquiries result in a small score dip, most scores bounce back within about a year. Credit card applications, rental leases, and new utility accounts are prime situations where hard pulls commonly surface.
Head-to-Head: Soft Pull Cards at a Glance
| OpenSky® Secured Visa® Credit Card | $0 first year, then $25/year | 28.24% Variable APR | None | None | 3.1 / 5 |
When your mission is to find a credit card that only triggers a soft inquiry, the playing field shrinks somewhat. Still, with a bit of digging, a handful of trustworthy soft pull cards emerge as viable contenders.
Top Pick for Credit Education & Support
OpenSky® Secured Visa® Credit Card
Rating: 3.1 out of 5 stars
Here’s a card that shines for those wary of any hard credit checks: OpenSky Secured Visa skips the credit check entirely during application. Plus, aligning your credit limit with your security deposit can help keep your credit utilization ratio comfortably low — a savvy move for improving credit health.
Perks & Pitfalls
- Pros: Credit limit mirrors your security deposit; vibrant online OpenSky cardholder community on Facebook and handy app resources.
- Cons: Comes with a few charges like annual fees and foreign transaction fees; also, a $10 monthly idle fee kicks in if the card sits unused for a year.
Best for Credit Rebuilders
Capital One Platinum Secured Credit Card
Rating: 4.1 out of 5 stars
If simplicity with no annual fee is your jam, this card fits the bill. Capital One’s Platinum Secured card allows you to start with a modest deposit while you rebuild or establish your credit history — ideal for those who want to steer clear of distractions and focus purely on credit improvement.
Upsides & Downsides
- Pros: Reports to all three major credit bureaus; responsible use can unlock an upgrade to an unsecured card.
- Cons: No bells or whistles in perks; doesn’t dish out cashback, points, or miles rewards.
Ideal for Credit Builders Who Value Savings
The Secured Self Visa® Credit Card
Rating: 3.1 out of 5 stars
This card steers clear of hard credit pulls and requires only a $100 deposit to launch. Better yet, its credit-builder product lets you fund that deposit, and after three on-time monthly payments, with at least $100 in your credit-builder loan, you’re automatically cleared for the secured Visa.
Advantages & Drawbacks
- Pros: A triple-threat serving as a credit-builder loan, credit card, and savings account — boosting your credit mix and potentially your score; refundable security deposit is funded from your savings as you pay off the credit-builder account.
- Cons: Comes with an annual fee, interest, finance, and monthly fees; requires opening a Self Credit Builder account first, so it’s not the fastest path to a credit card.
How to Pick a Soft Pull Credit Card
Deliberating over a soft pull card? Here are key factors to keep on your radar:
- Understand issuer policies: Investigate how the card issuer approaches credit checks — are they doing a soft pull or diving in hard at application?
- Sniff out preapproval deals: Take advantage of preapproval options that let you peek at eligibility without a hard inquiry.
- Compare with trusted tools: Bankrate’s filtering utilities help spotlight cards only triggering soft checks and offer prequalification insights tailored to your credit profile.
- Contact issuers directly: If you’re in doubt, reach out and ask — they’ll clarify their credit check processes without hesitation.
Always digest the small print of any card offer to grasp the full scope of credit check practices and other essentials before pulling the trigger.
Soft Pull vs. Preapproved Credit Cards: What’s What?
A secured credit card, requiring just a soft credit check to open, can be a lifesaver — though it usually mandates a refundable security deposit mirroring your credit limit. Preapproved cards, in contrast, offer a soft pull pre-screen to hint at your chances but eventually demand a hard inquiry before sealing the deal.
While preapproval signals a green light, it doesn’t lock down the ultimate approval — it’s more of an optimistic forecast than a firm promise.
Are Soft Pull Credit Cards Worth Your Time?
For those wrestling with shaky credit or just starting out, soft pull credit cards can be invaluable stepping stones to better credit health. However, their features often come with strings attached, making it essential to scrutinize the fine print. Make sure your chosen card offers a smooth transition pathway from secured to unsecured status down the road.
As sturdy as soft pull cards can be for credit building or repair, it pays to survey the broader landscape and weigh every option.
Other Routes to Credit Building Without Hard Inquiries
If you’re fresh on the credit scene, some banks roll out special unsecured card programs tailored for first-timers. These may outshine secured options, usually boasting perks and rewards. Another potential angle: becoming an authorized user on a family member’s card, which can help build credit without requiring your own hard inquiry.
FAQs on Soft Pull Credit Cards
What Exactly Are Soft Pull Credit Cards?
They let card issuers peek at your credit profile without dinging your credit score. This gentle inquiry leaves no footprint and helps issuers match you with tailored card offers based on your credit standing.
How Do Soft Pulls Differ From Hard Pulls?
Soft pull cards run a light preliminary scan to check your eligibility without touching your credit score. Hard pulls dig deeper, affecting your score, and happen when you formally apply for the card.
Are Soft Pull Credit Cards a Smart Move for Me?
They’re a savvy choice if you want to shop around freely without risking score drops from multiple hard inquiries. These cards provide a window into personalized offers but always double-check the card’s benefits and terms to ensure they align with your finances.
Final Word
Soft pull credit cards present a practical avenue for folks with blemished or nonexistent credit histories, laying down a path to strength through timely payments. Remember, preapproved cards are more abundant but eventually require a hard pull to finalize approval.
Whichever road you choose, knowing the ins and outs of soft versus hard inquiries sets you up to make informed credit decisions with confidence.