No way! Applying for a Payoff Loan will not hurt your credit. When checking your rates, we run a soft inquiry, or soft credit check.
We will run a hard inquiry if approved for the Payoff Loan, which can impact your credit. However, on average, most people who receive a Payoff Loan see an approximate 40 point increase in their FICO credit score.†
† Based on a study of Happy Money Members between March 2021 and August 2021. Happy Money Members, who paid off at least $5,000 in credit card balances, saw an average increase in their credit score of 40 points within four months of receiving a Payoff Loan. Results may vary and are not guaranteed.