Does LightStream do a hard pull? This question is about LightStream

Does LightStream do a hard pull?

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This question is about LightStream

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@WalletHub • 12/13/22 This answer was first published on 09/30/19 and it was last updated on 12/13/22.For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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LightStream does a hard credit inquiry into your credit report when you apply for LightStream personal loan. LightStream does this in order to get a full look at the prospective borrower’s credit history and make an approval decision. A hard credit check does have a temporarily negative effect on the applicant’s credit score. However, the score typically drops just 5 - 10 points. So it’s easy to bounce back in a few months – especially for people who get approved for a loan and start making timely payments.

It’s not unusual that LightStream does a hard pull. Most personal loan providers will use a hard pull during their approval process. The exceptions are some extremely expensive bad-credit lenders, such as payday lenders or auto title lenders.

Some lenders will do a soft credit check, which doesn’t hurt your credit score, as part of a “pre-qualification” process. But LightStream does not offer pre-qualification. And even people who are pre-qualified for other loans still need to apply and go through a hard pull before they can get the loan.

LightStream reportedly requires a credit score of 660 or higher for approval. So if you don’t want to waste a hard pull on a long shot, check your credit score for free and make sure it’s at least 660 before applying.

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What credit score do you need for LightStream?

You need a minimum credit score of at least 660 to get a personal loan from LightStream. That means the LightStream personal loan credit score requirement is in the fair-to-good credit range, which is on par with most other major personal loan companies.

LightStream’s requirement is relatively easy for most people to meet. The average credit score is above 660. However, a credit score of 660 will not guarantee that you can get a personal loan...

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LightStream denied me - what should I do?

If LightStream denied you, the first step is to figure out why exactly. That’s easy to do. The letter that LightStream sends after a denial should list the reasons. Reasons that LightStream might deny applicants include too little credit history or too low of a credit score, high amounts of debt, low income, a lot of recent credit inquiries, accounts in collections, or bankruptcy. The letter should also include instructions on how to request a...

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