With soft search, lenders will let you know whether they are likely to approve you for a credit card or loan without leaving a mark on your credit score.
Most lenders will do search your credit history when you appy for a credit card or loan, but some do a 'soft search' (or 'smart search') which won't affect your credit score.
Generally when you apply, that application will be recorded on your credit record, whether it was successful or not. This is known as a footprint.
As a result, if you make a number of applications in a short period of time, lenders are likely to be more nervous about approving your application. Seeing so many applications makes it look like you’re desperate to secure funds, which doesn’t present you as a particularly sound borrower.
However, some lenders allow you to check how likely you are to be approved for a credit product, without leaving a footprint on your credit report.
So which lenders offer this so-called ‘soft search’?
Credit cards
There aren’t too many credit card providers that are willing to consider your chances of being approved without leaving a mark.
MBNA is one lender that does. You can complete an ‘eligibility check’ before a full application. You’ll then be told how likely you are to be accepted if you proceed with an actual application.
Capital One has a QuickCheck tool so that applicants get a definite yes or no without affecting their credit rating. Barclaycard, RBS, NatWest and Marbles offer soft search facilities too.
So are their cards any good?
It’s worth noting that MBNA offers a balance transfer credit card with a 40-month 0% period which is the longest available on the market right now. It's a close second to Halifax, who offer a 2.49% transfer fee to MBNA's 2.50%. Barclaycard appears a little further down the league table, featuring a 37-month 0% card with a 2.45% fee.
[SPOTLIGHT]You can see a full breakdown of how the top deals compare in The best 0% balance transfer credit cards.
Loans
Many peer-to-peer lenders, including Zopa, RateSetter, Lending Works and Lendable offer a soft search if you are looking for a personal loan.
You’ll need to provide some personal details, such as your address, your salary and what size of loan you’re looking for.
The lender will then go and check your credit report to ensure that you can afford the loan. However, it won’t leave a mark. You’ll then be presented with a personalised quote.
It’s only when you accept the quote that a mark will be left on your credit report.
However, it’s not just peer-to-peer lenders who will give you an indication of what sort of loan you can expect without damaging your credit report – Nationwide Building Society does too.
To see how the loans on offer from these lenders shape up, check out The cheapest personal loans or head to our loan centre.
Mortgages
A few mortgage lenders also offer soft searches before you make a full application, including Halifax, TSB, Precise Mortgages and Kensington.
It’s not very common though, so be sure to check with the lender directly before sending off your details.
You can see how their mortgages compare over in our mortgage centre.
This article has been updated
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