Protect your Credit Score!

Protect your Credit Score!

Advantages of “Soft” Credit Pulls.

People looking to borrow money, whether it’s for a mortgage or an un-secured swimming pool loan, are aware that their credit scores influence their loan options. People with higher scores can typically borrow money at a lower rate and cost than people in lower credit tiers. So, when you’re looking for a loan, you want to be sure not to do anything that will lower your score, such as applying for a loan.

You read that right! When you submit a loan application to a lender, it’s common for them to do a “hard inquiry” to see your credit scores and credit history. It’s not uncommon to see a borrower’s credit score decrease due to multiple credit inquiries, especially for unsecured loans. This often happens without the borrower’s knowledge or ability to stop it before their credit scores take a dive. What can you do to prevent this? The negative impact of these inquiries on your credit can be avoided or at least minimized. Here is what you need to know to take control and protect your credit score.

1. Have You Checked Your Own Credit?

At a time when there are so many credit monitoring applications, a large swath of the public thinks they know what “their score” is. The fact of the matter is that each person can have as many as 50 different scores. Even the big three credit bureaus (Experian, Equifax, and Trans Union) have multiple scores and these scores can vary by as much as 100 points!
There are up to 50 major scores available for each borrower. A borrower can’t be sure what scores a lender will see. However, paying bills on time and limiting hard credit inquiries are things you can control to improve or maintain your scores.

2. Limit Hard Inquiries On Your Credit.

When choosing a lender or finance company for a loan, make sure they will not pull a “hard inquiry” without speaking to you first. You don’t want multiple lenders each making independent inquiries. You may think you are dealing with a single lender when in fact they send your application to multiple lenders. That’s when your credit takes a hit and can drop your scores significantly. This is especially important when it comes to unsecured loans because every point counts. Being one-point low can mean as much as a 2% rate bump.

3. Consult with a Financing Company that uses “Soft Inquiries”.

Companies like Viking Capital, a swimming pool financing company, are often a preferred option for borrowers. Financing companies typically work with multiple Lenders and are familiar with each lender’s loan portfolio and underwriting details. They are a one-stop-shop for borrowers as they will guide you to the best lender for your needs and qualifications and they are able to do this with a “Soft Credit Pull” which won’t impact your credit score. Viking Capital (www.poolloan.net) has been in the swimming pool financing business for over 20 years. They have seen the impact of hard inquiries on a borrower’s ability to get a great loan.
As a result, when they receive a loan application, their policy is to only pull a “soft inquiry” until they speak to you.

Based on the information obtained, they target the best loan option for you. Only after you give the OK will the targeted lender pull your credit as a “hard inquiry”. This way, you get the benefit of multiple lenders evaluating and competing for your business without the “penalty” of multiple inquiries on your credit.

Don’t know where to start? Head to www.poolloan.net and submit an application!

Our loan specialists will be in touch within one business day with the best interest rate and monthly payment specific to your needs.

Do you have questions about your pool loan financing options?
Email us at info@poolloan.net.
You can also call our office directly at (904) 686-1702.
We look forward to serving you!

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Loan Terms

* Loan terms and availability vary based on borrower qualifications and are subject to change without notice. Monthly payment amounts are for demonstrative purposes only and are not guaranteed to match final payment amounts for all borrowers. Your Viking Capital Loan Representative will go over all your loan options and their respective terms and payment amounts.

We are proud to offer these great loan options to our Military Families

*Eligibility requirements:

The applicant or co-applicant (or Family Member*) is active duty, military retiree, reservist, or veteran.  Branch of service: Air Force, Coast Guard, Army, Navy, Marine Corps or reserves for these branches. 

Family members must be “lineal” (spouse or direct-line ancestors and descendants. Includes family by adoption and marriage).