A fuller guide to this term is on the way. In the meantime, the related terms below explain the ideas around it.
Related MoneyPedia terms
- Soft InquiryA credit check that does not affect your score, such as checking your own report or a prescreened offer.
- Credit ApplicationThe request you submit to a lender for a card or loan, which usually triggers a hard inquiry on your credit report.
- Hard InquiryA credit check triggered when you apply for new credit, which can slightly lower your score and stays on your report for two years.
- Personal LoanA lump-sum loan, usually unsecured, repaid in fixed installments and used for anything from debt consolidation to big purchases.
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Plain-English education — not personalized legal, tax, or investment advice.