YourFICOFixed FAQ: credit, soft vs. hard inquiries, and prequalification explained
Credit & loans, in plain language
Straightforward answers to the questions people ask most before checking rates.
This content is educational only. It isn't financial, legal, or credit-repair advice, and it isn't a promise of any particular result. For guidance on your situation, talk to a qualified professional.
No. Seeing your prequalified rates here uses a soft inquiry (also called a soft pull), which does not affect your credit score and isn't visible to lenders reviewing your report.
A hard inquiry is different: it can lower your score by a few points and happens only later, if you choose to proceed with a specific lender and formally apply. We'll always make it clear before that point.
Credit scores weigh the type of credit you carry. Credit cards are revolving credit, and a big factor is your credit utilization — the share of your available card limits you're using. High utilization can weigh on your score.
A personal loan is installment credit: a fixed balance you pay down on a set schedule. Installment balances aren't measured by utilization the same way. Adding an installment loan can also improve your credit mix, a smaller scoring factor. Everyone's profile is different, so results vary.
It can, for some people — but it depends on your situation, and it isn't guaranteed. Using an installment loan to pay down revolving card balances lowers your credit utilization, which is often a meaningful scoring factor.
That said, the new loan is still debt with its own payments, the application may involve a hard inquiry, and running the cards back up can undo the benefit. This is general education, not financial advice — consider talking to a qualified professional about your circumstances.
Prequalification is an early estimate. Based on a soft inquiry and the information you share, lenders show rates and terms you may qualify for. It is not an offer or a guarantee of credit.
Approval comes later, after you formally apply with a lender. The lender verifies your details, usually performs a hard inquiry, and makes the final decision on your rate, terms, and whether to lend. Final numbers can differ from your prequalified estimate.
Hard inquiries generally stay on your credit report for about two years, though they typically affect your score for a shorter period — often around a year.
Soft inquiries, like the one used to show your prequalified rates, are only visible to you and have no effect on your score. Reporting practices can vary by bureau.
Yes — comparing offers is free. When you choose a lender through us, that lender may pay us a referral fee. That doesn't change the rate or terms you're shown.
Because compensation can affect which offers appear and in what order, we keep that disclosure right next to your results. Not all lenders or offers in the market are included.
Neither. YourFICOFixed is a comparison marketplace that connects you with third-party lenders. We don't lend money, we don't make credit decisions, and we are not a credit-repair organization.
We don't repair, fix, or guarantee improvement of your credit score, and prequalification is never a guarantee of approval. Lenders make all lending decisions.
We use the details you provide to match you with lender offers. Your information is encrypted in transit, and we do not sell your personal information.
We share information with the lenders you choose to be matched with so they can present offers. You can request access to or deletion of your data at any time. [Placeholder — confirm the data-deletion process before launch.]