A Notice of Credit Limit is a document sent to a customer by a lender or creditor to alert the customer of their approved credit limit. This document will provide the customer with information on their approved credit limit, the terms associated with it, and any applicable fees. There are two main types of Notice of Credit Limit: a soft credit limit and a hard credit limit. A soft credit limit is a temporary line of credit that has not yet been approved and does not require a hard inquiry to be done; it is usually offered as a promotional offer. A hard credit limit, on the other hand, is an approved line of credit that requires a hard inquiry to be done and is usually offered after the customer has established a relationship with the lender or creditor.
A Notice of Credit Limit is a document sent to a customer by a lender or creditor to alert the customer of their approved credit limit. This document will provide the customer with information on their approved credit limit, the terms associated with it, and any applicable fees. There are two main types of Notice of Credit Limit: a soft credit limit and a hard credit limit. A soft credit limit is a temporary line of credit that has not yet been approved and does not require a hard inquiry to be done; it is usually offered as a promotional offer. A hard credit limit, on the other hand, is an approved line of credit that requires a hard inquiry to be done and is usually offered after the customer has established a relationship with the lender or creditor.
