What is the Truist Business Credit Card Hard and Soft Inquiry?


Truist, the new business credit card division from SunTrust and BB&T, offers cards that provide rewards such as cashback or travel perks – plus helping manage company expenses more easily.

Trust is similar to Discover in that it does not require a minimum credit score when applying for loans, with higher loan amounts available and no minimum application score requirement. You can apply online or in one of their branches.

What is a hard inquiry?

Hard inquiries occur when lenders or credit card issuers pull your credit report in order to evaluate an application, which can temporarily lower your score by several points but generally quickly recovers afterward. As part of this application process, your information may be accessed by one or more of Equifax, Experian, and TransUnion, and these bureaus must notify you as per Fair Credit Reporting Act whenever they gain access to any personal information of yours they obtain through access requests.

Soft inquiries occur when checking your credit and do not affect the score. Understanding the difference between hard and soft inquiries is essential before shopping around for credit cards or financial products.

Inquiries are integral to the application process, as lenders use inquiries to determine whether you’re suitable for a loan. Anytime a lender or creditor reviews your credit history, a hard inquiry is made against it.

Under the Fair Credit Reporting Act, credit bureaus may only share your file with those with valid purposes for doing so; as a result, any inquiries into your file are disclosed so you can ensure you’re not being rate-shopped or applying for loans that exceed what your budget allows.

As noted by Experian, any hard inquiries on your credit report that are unfamiliar can also be challenged as this could be a telltale sign of identity theft.

However, too many hard inquiries can unexpectedly damage your credit scores. Lenders and credit-scoring models see multiple applications in short time frames as a red flag; lenders take note that numerous inquiries happen all at once may indicate you’re juggling debts that you might not yet be ready to handle again with another loan application. It is therefore wise to spread out credit applications over a more extended period. Inquiries typically remain on your report for two years, but their impact gradually fades over time.

What is a soft inquiry?

Soft inquiries do not impact your credit score and may appear on your report due to various sources, including employers checking it as part of the hiring process or when checking for yourself. Soft inquiries typically stay on your account for two years, but only you will see them.

Lenders evaluate your credit using several factors to decide whether or not to approve you for loans and credit cards and which interest rates might apply. These considerations include your payment history, credit utilization ratio, how long you’ve been borrowing money and more. Creditors also use your history as an indication of trustworthiness which plays a role in whether or not specific jobs and opportunities may be suitable.

Hard inquiries typically have more of an effect on your credit scores than soft inquiries due to being linked with specific applications for credit such as loans and credit cards. When applying, lenders perform hard questions in order to verify your identity and assess risk, as low credit scores often translate to higher rates on such products – so having as high a score as possible is critical for maintaining optimal borrowing conditions.

Though you cannot control whether lenders perform hard or soft inquiries on you, you can minimize how many hard inquiries occur by regularly monitoring your credit reports – at least every 14 to 45 days – for signs that anyone has gained access to them without your knowledge and permission. By doing this, you’ll stay aware of your credit activity while also ensuring no unauthorized has gained entry.

Apply for multiple loans and credit cards simultaneously as this can cause an inquiry on your report, making the task more complex for lenders to process applications quickly. When looking for mortgages, it may be wiser to shop around between multiple lenders rather than fill out multiple applications rapidly.

What is a soft pull?

Soft pulls occur when someone checks your credit report without explicitly applying for credit. This often occurs when companies want to determine if you qualify for their cards or loans, while it could also happen when checking yourself using services like Credit Karma. Inquiries such as this one could also occur when an insurance provider needs your information to provide rate quotes or when potential employers screen candidates before hiring them; unlike hard inquiries, these don’t impact your score but rather stay on your report for 14-45 days after completion.

When applying for credit, lenders perform hard pulls on your file to gather all relevant information, including your full credit report and score. A hard pull may remain on your report for some time after it occurs and could potentially lower your score if multiple are performed within a short timeframe.

Though you cannot wholly avoid hard pulls when applying for credit, there are ways to limit their number. Aiming for no more than two or three hard inquiries each year should help to reduce potential damage to your score from new activity and qualify you for more loans or credit cards with better terms.

One way to minimize hard credit inquiries is to keep personal and business credit separate. By splitting accounts, lenders will find it easier to see that you’re an ethical borrower; and applying for new cards later will pose less of a risk because their applications won’t overlap or exceed utilization thresholds.

The Truist business card offers an ideal late-game solution for those aiming to come back under Chase’s 5/24 rule or looking for cards with no-introductory-APR offers. There don’t appear to be any fees attached, and it can provide another avenue for building business credit while earning rewards.

What is a hard pull?

When applying for credit, lenders or issuers run your report to assess your suitability as an applicant. They consider factors like length of credit history, number of current accounts and payment habits when making this assessment. They do this by pulling reports from any or all three major bureaus: Experian, Equifax, and TransUnion–known as hard inquiries, which can temporarily lower your score; multiple inquiries over short time frames could indicate to lenders that you represent more risk to them than necessary.

Hard inquiries typically only happen when applying for new credit or loans; however, other lenders may conduct one if you request preapproval. Furthermore, medical providers, insurance companies and prospective employers might perform hard inquiries as part of a background check on potential employees or applicants.

Although shopping around for credit cards can be beneficial, don’t do it too frequently. Too many hard inquiries in a short period can signal to lenders that you may be an applicant with high-risk requirements and may lead to credit freezes or denials in some instances.

The Truist business credit card offers late-game decision makers rewards and 0% intro APR on balance transfers as a result of SunTrust and BB&T banks merging. With its range of features tailored specifically for different credit needs and goals, it is an attractive late-game choice.

Though the Trust Business Credit Card requires a hard pull, it also offers tools that can help manage expenses and optimize cash flow. Unlike many top business credit cards that provide cash rewards or travel perks, this card focuses on helping your company maximize spending efficiency.