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How does applying for a loan affect my credit?

Checking your rate with Upstart will not affect your credit score.  If you proceed with your application after receiving a rate, your credit score may be impacted.

When you check your rate, we make a “soft credit inquiry." Soft credit inquiries on your report do not lower your credit score, but you may see an inquiry when you view your report. If you are offered a loan and proceed with the application, we will then make a “hard credit inquiry” to verify the accuracy of  your application.  This action will be recorded as an inquiry on your report, and it may impact your credit score.

If you choose to take out a loan, information related to your loan repayment will be reported to credit bureaus.

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