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No, checking your credit score doesn’t lower it. When you check your own credit score, it’s considered a soft inquiry, which doesn’t affect your credit score. You should regularly check your score to monitor your credit health.
Checking your credit is vital to keeping it in good standing, but does checking your credit score lower it? No. In fact, this is one of the biggest credit myths.
When you check your credit, a soft inquiry appears on your report, which doesn’t affect your score. Sometimes, your credit score can drop temporarily, but it’s not something you need to worry about in the long term. Checking your credit often is a huge part of staying financially responsible.
Here’s everything you need to know about the impact of checking your credit score and why you should do it regularly.
Table of contents:
- Why does your credit score go down when you check it?
- How often should I check my credit score?
- How to check your credit score without lowering it
- Checking your credit score FAQ
Why does your credit score go down when you check it?
Your credit score only goes down when a hard inquiry occurs. When your credit gets checked, it is one of two types of inquiries run on your report—soft inquiries and hard inquiries.
Soft inquiries
A soft inquiry, also known as a soft pull, does not affect your credit score and will not increase your credit risk. In fact, soft inquiries may not even be visible to potential lenders who pull your credit report.
These inquiries appear when you check your credit score or request a credit report. A soft inquiry may also occur when a landlord or a potential employer runs a credit check or when you’re prequalifying for a student loan.
Soft inquiries don’t affect your credit because they’re not actually attached to a credit application. Instead, they gauge your credit standing and facilitate preapprovals or background checks. Soft inquiries can stay on your credit report for anywhere from one to two years.
Hard inquiries
Hard inquiries, on the other hand, are directly related to a credit application, so they do impact your credit score, but only slightly. When a lender or financial institution runs a credit check while considering you for a loan, it results in a hard inquiry. These types of inquiries usually take place when you are applying for a mortgage, personal loan, or credit card.
These new credit inquiries raise red flags for lenders, which is why they have the potential to lower your credit score. Every time you apply for a new line of credit, lenders wonder whether or not you will be responsible should they lend you the funds.
Of course, they’ll look at your credit history and utilization, but the more inquiries they see, the riskier you may seem. Given this uncertainty, hard inquiries can temporarily lower your credit score.
A hard inquiry generally only lowers your credit score by a few points, and one hard inquiry usually won’t have a huge impact on your score. However, you’ll likely see a significant impact on your credit score if you have multiple hard inquiries on your report in a short period of time.
If there are too many hard inquiries on your credit report, lenders will view you as a risky borrower. If you plan on applying for multiple loans or lines of credit, consider spreading out your applications, or take advantage of the fact that some FICO® scoring methods view all similar inquiries within a specific “shopping period,” such as 45 days, as one inquiry rather than many.
How often should I check my credit score?
There is no general rule of thumb about how often you should check your credit score, but it is a good idea to check it frequently to ensure your credit is healthy. You should be aware of your score and any fluctuations, especially when applying for things like new lines of credit, car loans or home loans.
Aside from checking your credit score, you should also check your credit report at least once a year. The credit scoring model is based on the information on your credit report, so it’s always a good idea to monitor your credit, especially before taking out a major loan.
The three main credit bureaus—TransUnion®, Equifax® and Experian®—offer free yearly credit reports. You can visit AnnualCreditReport.com to access your free credit reports.
Though yearly maintenance is ideal, requesting a credit report when you see unusual drops in your credit score may be smart. If you see any inaccuracies or suspicious activity on your report, make sure you file a dispute immediately. You’ll also want to verify that all of your personal information is accurate and up to date.
It’s important to note that when a lender checks your score or credit report, they may only be pulling information from one of the three credit bureaus. Though the bureaus generally have the same information, there are instances where you may see some differences.
How to check your credit score without lowering it
Here are a few ways you can check your credit score without hurting it:
1. Access it for free from your bank or credit card issuer
Many banks offer free access to your credit score as a feature on their app, website or your monthly statement. This is a major perk, and you may even have access to your score monthly or sometimes daily. Some credit card companies and banks offering free access to FICO or VantageScore® include:
- Wells Fargo
- Bank of America
- Discover
- Chase
- American Express
- Bank of America
2. Purchase your credit score
You can purchase your credit score directly from the three credit bureaus and myFICO. These packages usually require you to purchase other information besides your score, like a credit report.
Remember, you do get one free credit report from each credit bureau every year. Though your report doesn’t show your actual credit score, you can see all of the credit factors that affect your score—like payment history, credit utilization, and length of credit. Your credit report shows information and history about your credit, while your credit score is a calculation of that information.
3. Sign up for a credit monitoring service
Whether paid or free, many credit monitoring services are available to help individuals access their credit report and/or score. Each credit monitoring service has its own costs and fees. These services aim to help users keep an eye on their credit by alerting them of any different activity on their credit report.
Through a service like this, you can access your credit report and detect any fraud or other discrepancies and resolve them before they cause too much damage. This can help you keep track of your credit and keep your credit score in healthy standing.
Two examples of credit monitoring services are Lexington Law and Credit.com.
Checking your credit score FAQ
Below, we’ve answered some frequently asked questions about checking your credit score.
How can I check my credit score for free?
You can check your credit score for free through the credit bureaus, banks, credit card issuers and credit monitoring services.
How many points does an inquiry drop your credit score?
According to FICO, a hard inquiry can cause your credit score to drop by up to five points. A soft inquiry, on the other hand, won’t affect your score at all.
How many times can you check your credit score without hurting your credit?
You can check your credit score as many times as you want without hurting it. In fact, it’s a good idea to regularly monitor your credit so you can spot any potential errors.
Lexington Law Firm offers a paid service that allows you to keep an eye on your credit health and other information that can help you improve your credit and achieve your credit goals. You can also get your FICO score with our free credit assessment. However you choose to monitor your credit, keeping a close eye on your credit report and score will help you maintain a positive credit history. Checking your credit score often is healthy—and remember, doing so won’t lower it. Use the tips in this guide to help you stay on top of your credit and work toward good credit.
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