“Does Cred.ai Check Credit?”
Cred.ai is a financial technology company that offers a variety of banking and financial services to its customers, including a mobile banking app and a credit card. One common question that many potential customers have is whether Cred.ai checks credit during the application process.
The short answer is yes, Cred.ai does perform a credit check when you apply for a credit card or other financial services. This is a standard practice for most financial institutions when they are evaluating an individual’s creditworthiness. The purpose of the credit check is to assess your financial history, including your credit score, payment history, and outstanding debts.
It’s important to note that there are two types of credit checks: a soft inquiry and a hard inquiry. A soft inquiry, also known as a soft pull, does not impact your credit score and is typically used for pre-approval offers or background checks. A hard inquiry, on the other hand, can have a small impact on your credit score and is typically used when you apply for credit, such as a loan or a credit card.
When you apply for a Cred.ai credit card, you can expect that the company will perform a hard inquiry on your credit. This means that there will be a temporary dip in your credit score, but it should bounce back fairly quickly assuming you have a healthy credit history and don’t have a large number of recent inquiries.
It’s also worth noting that Cred.ai offers a variety of credit cards, including those designed for individuals with fair to excellent credit. So, even if you have less-than-perfect credit, you may still be able to qualify for a Cred.ai credit card. However, the terms and benefits of the card you are approved for may vary depending on your creditworthiness.
In conclusion, yes, Cred.ai does check credit when you apply for a credit card or other financial services. This is a standard practice for most financial institutions and is used to assess your creditworthiness. If you are concerned about the impact of a credit check on your credit score, you may want to consider checking your pre-qualification status with Cred.ai before applying, as this can often be done with a soft inquiry that won’t impact your credit.
