Citi credit limit increase hard or soft pull getting started

Citibank may have increased your credit limit, but did it do so with a hard or soft pull? If you're not sure which type of pull your credit score took, and you'd like to increase your borrowing power, this guide will explain the difference between the two.

What is a hard or soft credit pull?

A credit pull is a request from a lender to view your credit report. A hard pull is when the lender requests your entire credit file, which may include your bankruptcies and Debts Owed By Insureds (DOBIS) accounts. A soft pull is when the lender only requests information about accounts that are currently reported on your credit report.

How do I know if I'm getting a hard or soft credit pull?

If you're thinking about applying for a new credit card from Citi, there's a good chance you'll get a hard or soft pull depending on your credit score. Here's what you need to know about each type of pull:

Hard pulls: This means your credit score is low enough that Citi is required to run a hard inquiry. This can result in a delay in getting approved for the card, but it's usually the least damaging option.

Soft pulls: This means your credit score is average or higher, so Citi doesn't have to run a hard inquiry. However, if you're already approved for a card from Citi and they do this kind of pull, it could mean that your credit limit has been lowered or that you're being declined for a new card because your score has changed since your last application.

When will my bank notify me of a credit limit increase?

When you open a new account with Citibank, your credit limit will be set at the time of account opening. If your score changes in any way - such as an increase or decrease in credit utilization - your bank may notify you of a potential limit increase up to 30 days before it takes effect. If you're concerned about your credit score, speak to your lender about getting a free credit check.

What should I do if I receive a hard or soft credit pull?

If you're receiving a hard or soft credit pull, there are a few things you can do to improve your chances of getting approved. First, make sure that your credit report is up-to-date and complete. This includes adding any new lines of credit you may have opened, as well as correcting any inaccuracies on your reports. Additionally, pay your bills on time and in full every month. This will help build your credit history and show lenders that you're a responsible borrower. If all else fails, speak with a credit counselor to get more tips on improving your credit score.

Conclusion

If you are one of the many people who have been recently impacted by Citibank's credit limit increase, then this guide is for you. In a nutshell, a hard pull will result in your credit score dropping substantially and may impact your ability to obtain a loan or mortgage in the future. A soft pull, on the other hand, will not have as much of an impact on your credit score but could still prevent you from obtaining certain types of loans or mortgages. Regardless of whether or not Citibank changes their policy again in the near future - it is important to be aware of what both hard and soft pulls entail so that you can make an informed decision about how to proceed. Learn More