Does checking your credit score actually lower it? This is a common myth; checking your credit score does not have a negative impact on your score. In reality, checking your credit score can be an important step.
Before we jump in, its important to know that there are many different credit scoring models, and your credit score may vary depending on the credit score model used and the credit report on which the credit score is calculated.
Your credit score is one of the most important numbers in your financial life. It determines whether you can get approved for credit cards loans mortgages, and other lines of credit. It also influences the interest rates and terms you’ll be offered. So checking your credit score regularly is crucial to make sure it’s accurate and take steps to improve it if needed. But will checking your score lower it?
The good news is, checking your own credit score does NOT hurt it at all. Here’s what you need to know about checking your credit score safely.
How Checking Your Credit Score Impacts It
There are two types of credit checks – soft inquiries and hard inquiries
Soft inquiries also called soft pulls, are when you or a lender checks your credit report without initiating a lending decision. This includes
- Checking your own credit report or score
- Pre-qualification checks by lenders when you apply for credit
- Background checks by employers or landlords with your permission
Soft inquiries DO NOT affect your credit score. You can check your credit as often as you want without hurting your score.
Hard inquiries, also called hard pulls, happen when you apply for new credit like a credit card, loan, or mortgage. Lenders will pull your full credit report to make a lending decision. Too many hard inquiries in a short period CAN slightly lower your credit score. Generally it’s less than a 5 point drop and rebounds in a few months.
So checking your own score – soft inquiry – is 100% safe and won’t hurt your credit!
How Often You Can Check Your Credit Score
You can check your credit score as often as you want without any impact. In fact, checking at least once a month is recommended so you can catch any suspicious activity or mistakes early.
Checking your score when you’re about to apply for new credit also lets you know where you stand with lenders. Just avoid applying for too much new credit in a short period, as multiple hard inquiries will have a larger negative effect.
It’s also wise to check your full credit reports from all three credit bureaus once a year. Visit annualcreditreport.com to obtain your free reports. Review them for errors that could be lowering your scores.
The Best Ways to Check Your Credit Score
There are several easy options to check your credit score for free:
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Many banks and credit cards provide free credit scores for account holders. Log in to your accounts to see if it’s available.
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Websites like Credit Karma offer free credit scores and reports without requiring a credit card. Signing up takes just a minute.
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You can obtain a free FICO credit score by signing up for a free trial with Experian or MyFICO. Just be sure to cancel within the trial period.
While you can purchase your credit score directly from the credit bureaus, the free options above should suit most people’s needs. Avoid any service trying to charge an outrageous fee just to see your credit score.
Checking Accounts vs. Credit Cards
An important note – checking your credit card account or bank account balance does NOT affect your credit score in any way. This just allows you to view your own account activity, not your full credit report.
Some people get this confused and worry that logging in to check their credit card statement will hurt their scores. Rest assured this is completely different and has no impact.
When to Check Your Credit Score
Here are some recommended times to check your credit score:
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Monthly – The most frequent option that lets you closely monitor your score.
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Before applying for new credit – See where your score stands with lenders before submitting applications.
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After being denied credit – Checking why you were denied can identify areas to improve.
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After a major life event – Events like marriage, divorce, new job, or graduating college can alter your financial profile.
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Before applying for an apartment – Landlords often check applicants’ credit scores.
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When monitoring identity theft – If you suspect fraudulent activity, keep close tabs on your score.
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After paying down debts – As your debts decrease, your score should start to increase.
The Impact of Credit Inquiries
As mentioned, the effect of inquiries depends on whether they are “soft pulls” or “hard pulls”:
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Soft inquiries caused by checking your own credit or pre-qualification checks by lenders have no impact on your score.
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Hard inquiries when formally applying for credit may cause a small 5 point drop initially. The effect is temporary and fades over time. Too many hard inquiries can have a larger cumulative effect.
To limit hard inquiries:
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Only apply for credit when you need it. Don’t apply for multiple credit cards you won’t use.
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Shop for the best rates within a short window – multiple hard inquiries for the same type of loan within 30 days will generally be treated as one inquiry.
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Ask lenders for pre-qualification or pre-approval first, as those result in soft inquiries. Only apply once you’ve found the best terms.
The Bottom Line
Checking your own credit score does not hurt it at all. In fact, monitoring it regularly is wise to catch any potential issues early. Just be cautious of applying for too much new credit, as a flurry of hard inquiries could have a small negative impact. As long as you apply for new credit carefully, feel free to check your score as often as you like!
Is it bad to check your score?
In general, it is not bad to check your own credit score and you can do so without harming it.
Checking your credit score is an important part of monitoring your financial health. This is especially true if youre in the market for a new loan or other credit account. Its important to understand what your credit score is and how it might affect the possible credit accounts, interest rates and other lending terms you qualify for.
Checking your credit score will not have an effect on it. Requesting a copy of your credit report or checking your credit score is often called a “soft inquiry”. Potential lenders cannot see soft inquiries when they view your credit report. But, you may still see them on your report for 12 to 24 months.
What affects your credit score and can you check it without lowering it?
Checking your credit score does not impact it. But, there are certain behaviors that could:
Your payment history. The payment history on your existing credit accounts is one of the most influential factors when it comes to your credit score. Late payments can impact your credit scores for up to seven years from the date of a missed payment. Whats more, late payments can continue to impact your credit score even if you pay the past-due balance. Its important to keep up with at least the minimum payments on your existing credit accounts whenever possible.
Hard inquiries. As mentioned, checking your own credit score is a soft inquiry that will not impact your credit score. When lenders review your credit history after you submit a credit application, this is a “hard inquiry”. This has the potential to impact your credit score.
Hard inquiries help lenders see how often youve applied for credit. Too many within a short period of time may suggest to lenders that youre seeking more credit than you can pay back. This could also impact your credit score. Hard inquiries can stay on your credit report for up to two years, though they impact you less over time.
Opening or closing credit card accounts. When you apply for a new credit card, the creditor or bank will make a hard inquiry into your credit history. This can cause a temporary drop in your credit score and show up on your credit report for up to two years.
Depending on your financial situation, closing a credit card account may also impact your credit score. This happens by altering your credit utilization rate. This percentage is the amount of credit youre using compared to the total amount available to you. It is a factor used in calculating your credit score.
Closing a credit card account could lower your total credit available. This increases your credit utilization rate, which may have negative consequences. Keep in mind that a credit utilization rate of more than 30 percent can damage your credit score.
Closing a credit account that youve had for a long time. The average age of your credit accounts also factors into your credit score. Having credit accounts open for a longer period of time is a good thing to lenders. Closing your oldest credit card accounts can lower your score the most. If you close a more recent credit card account, it will likely have less of an impact on your credit score.
How to check your credit report for free — and why it’s important
FAQ
Is there a downside to checking your credit score?
Checking your credit score will not have any impact on your credit history or score. You have more than one credit score because there are many different credit scoring models and credit score providers. Checking your credit score is a “soft inquiry”. Soft inquiries do not impact your credit scores.
Do credit checks hurt your credit?
… inquiry” and a “soft inquiry.” The difference between the two is that a soft inquiry won’t affect your score, but a hard inquiry can shave off some points
Is there a way to check your credit score without damaging it?
You can get free monthly access to your VantageScore credit score and Equifax credit report. Checking your credit will not impact your credit scores.
How much does your credit go down when you check it?
Should you check your credit?
Checking your credit is a soft inquiry, which means it won’t cause your scores to drop. And actually, checking your credit reports and credit scores regularly can be a good idea. If you monitor your credit, you could catch errors on your credit reports that might otherwise lower your credit scores.
Does a credit check affect your credit score?
When you check your credit score, it’s considered a soft inquiry that won’t affect your credit score. Anytime your credit is checked, an inquiry is noted on your credit report. Depending on who is checking your credit and why it’s being checked, this inquiry will be classified as either a soft inquiry or hard inquiry.
Does checking my credit score lower my score?
Does Checking My Credit Lower My Score? No, checking your credit score does not lower it. When you check your credit score, it’s considered a soft inquiry that won’t affect your credit score. Anytime your credit is checked, an inquiry is noted on your credit report.
Why is checking my credit score important?
Checking your credit score is an important step in ensuring your personal information is correct and complete. Checking your credit score is considered to be a “soft inquiry.” Soft inquiries typically are not visible to lenders on your credit report. The idea that checking your credit score will have a negative impact is a common myth.
Should you check your credit score before applying for credit?
Knowing your credit score can keep you from needlessly losing points by applying for products you won’t qualify for. Also, knowing where you stand gives you the opportunity to polish your credit score before you apply for credit. Is checking my credit score free?
Can I Check my Own Credit Score without harming it?
In general, you can check your own credit score without harming it. Checking your credit score is an important part of monitoring your financial health. This is especially true if you’re in the market for a new loan or other credit account.