does a hard inquiry look at your current account balances or the statement balances?

I'm looking to refinance & am wandering when to start looking into creditors

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  • 11 months ago

    It sees whatever was reported when it was reported. If your current balance is higher or lower than what the report showed at the time it was pulled, whoever requested it won't know.

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  • Anonymous
    11 months ago

    They look at whatever balance was reported most recently to the credit bureau. They do not have access to your statements.

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  • 11 months ago

    Neither, they are checking on how you pay your bills. Not your ban accounts

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  • 11 months ago

    Onlyt credit accounts are reported to a credit bureau and ALL inquiries (hard and soft) will look at the balances on these credit accounts. Your current accounts (checking, savings, CDs, IRAs, etc.) are not reported to credit bureaus (they are not credit) so a lender will not see them on your credit bureau account. However, if you are applying for a large enough credit line, you may be required to provide your latest statement or a release allowing them to pull the latest information. If your accounts have only small balances, you might want to build up those balances.

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  • 11 months ago

    Neither. They see whatever your current balance WAS when your creditors last reported to the credit bureau. They do not see what it is now in real time and they do not see what it was on the statement.

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  • Anonymous
    11 months ago

    It shows who you owed and how much as of the last time the creditors reported. (different dates)

    Does NOT show any bank account balances.

    Having too much debt relative to your income can cause you to be rejected or they might lower the amount they are willing to lend because of it. I have seen lenders say...we will lend so much now or so much more if the debt was paid off.

    Your TOTAL proposed debt to income is what concerns them.

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