Credit Score

No. The reports pulled for this are called “soft” inquiries. Soft inquiries are all credit inquiries where your credit is NOT being reviewed by a prospective lender.

Credit scoring models weigh many different factors, including the mix of types of accounts, the number of accounts you have and the length of time you've had them.

Reason Codes are standardized alphanumeric identifiers that provide an explanation for various events, actions, or outcomes. Generally, they are used to help you better understand what goes into determining your credit score.

For more information about Reason Codes, please visit www.reasoncode.org/reasoncode101/.

Reason Codes are used to help you better understand what goes into determining your credit score. To view what each Reason Code means on your credit score, please visit www.reasoncode.org/allcodes/ and enter in the codes you would like to know more about.

It's important to recognize that the various scoring models use slightly different criteria to determine your credit score. Newer models like VantageScore 4.0 are designed on the most recent timeframe and represent current consumer and lending practices. More data is incorporated to give a more complete picture of your credit standing. Also:

• Lenders use a variety of third-party models, as well as customized models. Monitor your score, but realize that it may not be the same model or score used on a future loan application.
• If your score declined to an extent that you think lenders will offer you poorer terms and higher rates:
  • Examine the reason codes provided with your score to understand which behaviors are causing the decline.
  • Consider using a credit monitoring tool that provides recommendations for improving your score.
  • Check your credit reports for accuracy.

No. A change in your credit score will not impact existing credit accounts. However, it could influence the rates you are offered on future applications for credit.