There are two ways that we access your personal credit report:
- Soft credit inquiry - Does not affect your credit score. This kind of request is used for pre-approval and during ongoing credit reviews.
- Hard credit inquiry - May affect your credit score and will be visible to other lenders who check your credit. We only perform a hard inquiry once - the first time you draw funds - and only if you gave us consent to do so.
When you sign up, you may be prompted to give us permission to access your personal credit report. This consent, allows us to perform periodic soft inquiries and a one-time hard inquiry.
As soon as you submit your application, we’ll perform a soft inquiry. Your credit score helps us assign credit more accurately and can potentially lead to a higher credit limit.
If you’re approved, we will only perform a hard inquiry the first time you draw funds. After that one-time hard inquiry, any future inquiries (during periodic credit reviews) will be soft, with no effect on your credit score.
If you are not approved after having provided your personal credit, you will receive an email with instructions for who to contact for any further clarification.