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Hard credit inquiries, sometimes called hard pulls or hard credit checks, take place when you request a new line of credit or begin the process of taking on a major financial commitment.
The credit report, which leads to a credit score, is what dictates the amount of money you can borrow and at what interest rate. This affects your large purchases — house, car, boat, etc.
This factor makes up 30 percent of your credit score; typically, a higher credit utilization ratio means a lower credit score, as lenders can view carrying higher amounts of debt as a liability.
A line of credit is a credit facility extended by a bank or other financial institution to a government, business or individual customer that enables the customer to draw on the facility when the customer needs funds. A financial institution makes available an amount of credit to a business or consumer during a specified period of time.
Poor credit: 300-579. Fair credit: 580-669. Good credit: 670-739. Very good credit: 740-799. Excellent credit: 800-850. The good credit score range includes all FICO credit scores between 670 and 739.
A signature line of credit is a revolving line of credit that is not backed by collateral; i.e., the sole criterion for the decision to grant the loan and establish the terms thereof is an assessment of the customer's credit rating. Also known as an unsecured line of credit.
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