Can I Check My FICO Score Without Hurting My Credit?

Checking your own FICO credit score is a safe and easy way to monitor your credit health Not only is it free and accessible, but it does not negatively impact your credit score Yet many consumers still worry that checking their FICO score too often might hurt their credit rating. This concern likely stems from confusion between a credit inquiry and simply accessing your credit information. Read on to understand the differences and feel confident accessing your FICO score as often as you’d like!

What is a FICO Score?

FICO stands for Fair Isaac Corporation, the company that created the FICO scoring model. FICO scores range from 300 to 850 and indicate a consumer’s creditworthiness. This 3-digit number is calculated based on the information in your credit report, assessing factors like payment history amounts owed, credit history length new credit, and credit mix.

FICO scores are the most commonly used credit scores Over 90% of top lenders check applicant’s FICO scores when making lending decisions, So monitoring your score regularly is important to understand how lenders view your creditworthiness

Soft Inquiries vs. Hard Inquiries

Whenever someone requests to view your credit report, it’s called a credit inquiry. Inquiries are categorized as either “soft” or “hard.” Soft inquiries do NOT impact your credit score. Hard inquiries MAY temporarily lower your score by a few points.

Soft Inquiries

A soft inquiry occurs when you check your own credit report or FICO score. Soft inquiries also happen when lenders check your credit to pre-screen you for offers, or when an existing creditor checks your report for account monitoring. Soft inquiries are visible on your credit report but do not affect your score.

Hard Inquiries

A hard inquiry takes place when a lender checks your credit because you’ve applied for new credit. For example, a hard inquiry occurs when you apply for a credit card, auto loan, or mortgage. Hard inquiries may slightly lower your FICO score. However, the impact is often minor (less than 5 points) and temporary.

Checking Your Own Score is Always a Soft Inquiry

The good news is checking your own FICO score never counts as a hard inquiry. You can securely access your FICO score through your bank or credit card company’s online account portal. Or you can use trusted third-party sites like myFICO.com.

When you request your own credit information, it will always be recorded as a soft inquiry. So you can check your FICO score as often as you want without hurting your credit!

Here are some easy ways to access your score for free:

• Your bank or credit card accounts: Many banks and issuers like Chase, Discover, and Capital One allow cardholders to check their FICO scores for free through online account logins.

• Third-party sites like myFICO.com or Credit.com: These sites provide free FICO score access when you sign up for a membership. Upgrading to paid plans gives you extra credit report features.

• Credit monitoring services: Companies like IdentityForce and Experian offer credit monitoring plans that include FICO score tracking for a monthly fee.

• AnnualCreditReport.com: Federal law guarantees you can request one free credit report from each bureau yearly. Reports don’t include scores but are useful for checking your credit history.

No matter which method you use, checking your own credit never results in a hard inquiry. Feel free to monitor your FICO score as often as you want without worrying it will hurt your credit rating!

Why Do Hard Inquiries Lower Credit Scores?

You’re probably wondering – if checking your own score is harmless, why do hard inquiries sometimes lower credit scores? It comes down to the perceived risk and uncertainty new applications create for lenders.

When you apply for new credit, like a credit card, the lender doesn’t know whether you’ll end up taking on and responsibly managing this new debt. This uncertainty represents a higher potential risk for lenders.

As a result, many credit scoring models temporarily reduce your score when a hard inquiry is recorded. This reflects the increased credit risk you may pose by taking on additional debt obligations.

However, if you continue to demonstrate responsible credit management, like making on-time payments, your score will quickly rebound from the hard inquiry. So you shouldn’t stress if you notice a small drop after applying for new credit.

How Often Should I Check My Credit Score?

There are no strict rules for how often to check your credit score. Monitoring at least once per month can help you catch inaccuracies or suspicious activity quickly. Checking every six months is fairly common as well.

Here are some good times to check your credit score more frequently:

• When expecting a hard inquiry: If you’ve applied for a mortgage, credit card, etc., check your score after so you can review the impact.

• After a big financial change: Events like taking on new debt, paying off loans, or experiencing a drop in income warrant keeping a closer eye on your score.

• If you suspect identity theft: Sudden score drops could indicate fraudulent activity, making it important to check right away and report concerns.

• When working to improve your credit: Checking often helps you gauge your progress. But avoid obsessively monitoring your score daily.

The most important thing is to check your credit with enough regularity to feel confident in your ongoing credit health and ready to catch issues early. Don’t let fears of hurting your score stop you from accessing your credit information.

The Bottom Line

Checking your credit score yourself is always a soft inquiry that does not affect your credit rating. While hard inquiries from new credit applications may have a small, temporary impact, monitoring your own FICO score is risk free.

Rather than worrying about hurting your credit, focus on the valuable insights regular score checks provide. Make sure to also review your full credit reports so you can confirm their accuracy. Understanding your complete credit profile allows you to make smart financial choices and build an excellent credit rating over time.

So check your FICO score as often as you’d like! Increased credit awareness can help you achieve your financial goals, whether that’s qualifying for a new credit card, getting the best interest rates on loans, or simply maintaining strong credit health. Just stick to checking your own score rather than unnecessary applications, and you can comfortably access this useful credit information without hurting your credit rating.