How to check loan rates without hurting your credit score
Soft inquiries do not affect FICO Scores, and one hard inquiry usually costs fewer than five points. Here is how to compare real loan offers without dinging your credit.
The short version
At a glance
Key takeaways
- Prequalifying usually uses a soft inquiry, which should not affect your credit scores.2
- A formal application triggers a hard inquiry. For most people, one more hard inquiry costs fewer than five FICO points.1
- FICO’s rate-shopping window applies to mortgage, auto and student loans. Personal loans are not on that list, so prequalify first and apply once.1
- Compare offers by APR, which includes most fees, not by the interest rate alone.5
The basics
Soft inquiries vs. hard inquiries
How long it lasts
A hard inquiry fades fast
Inquiries are part of the “new credit” category, which makes up about 10% of a FICO Score.3
How long one hard inquiry matters
Months after you apply
Shows on your credit report24 mo
Counted in your FICO Score12 mo
Rate shopping
The rate-shopping window, and why it may not cover personal loans
FICO treats rate shopping specially for mortgage, auto and student loans. It ignores those inquiries for the first 30 days, and counts multiple inquiries within a shopping window as one. Older FICO versions use a 14-day window and newer ones use 45 days.1
Personal loans and credit cards are not on that list.1 That means several formal personal loan applications could each count. Prequalifying, which uses soft inquiries, lets you compare real offers first.2
Step by step
A five-step plan to shop for a loan safely
- 1
Check your credit reports for free
You can get free weekly credit reports from Equifax, Experian and TransUnion.4 Fix errors before you apply.
- 2
Prequalify with three to five lenders
You usually share your name, address, income, the loan amount and its purpose. Lenders generally use a soft inquiry.2
Tip: Look for wording like “check your rate” or “will not affect your credit score.”
- 3
Compare APR and total cost
The APR includes most fees, so it is the fairest way to compare offers.5 Use our loan calculator to see the total cost.
- 4
Apply to one lender
Prequalification is not a guarantee. The lender will run a hard inquiry when you formally apply.2
- 5
Keep applications close together
If you need to apply more than once, do it within a short period. Some lenders still use older FICO versions.1
FAQ
Common questions
Does prequalifying hurt my credit score?
Prequalification generally uses a soft inquiry, which should not affect your credit scores. A hard inquiry happens only when you submit a formal application.
How many points does a hard inquiry take off?
For most people, one additional hard inquiry takes fewer than five points off their FICO Score, and FICO counts it for only 12 months.
Does checking my own credit lower my score?
No. Checking your own credit report is a soft inquiry and never harms your FICO Score.
Ready to compare real offers?
Fill out one short request and compare the APR and full terms of any offer before you accept. Free to submit, no obligation.
Bison Cash USA is not a lender. Submitting a request shares your information with a third-party lending network, and we may be compensated. Not all applicants qualify.
Sources
Sources for this page
Official and primary sources only. Last reviewed October 17, 2026.
-
1
myFICOCredit scoringHow to Rate Shop and Minimize the Impact to Your FICO Scores
-
2
ExperianCredit bureauHow to Prequalify for a Personal Loan
-
3
myFICOCredit scoringWhat's in my FICO Scores?
-
4
Federal Trade CommissionRegulator guidanceYou now have permanent access to free weekly credit reports
-
5
Consumer Financial Protection BureauRegulator guidanceWhat is the difference between a loan's interest rate and its APR?