Checking and managing your credit score can be a confusing thing. There are lots of factors that go into your credit score, which means that there are a lot of ways that you could be lowering it without even knowing. Does checking my credit score lower it?
With credit scores being such an intricate and difficult thing to manage and understand, there are a lot of misconceptions and rumors about it. Sometimes, people are doing something they think is good for their credit health when it’s not, and sometimes people do things they didn’t know hurts their credit score. But does checking your credit score lower it?
No! This is an old rumor that you can rest assured is untrue. For you to check your credit score would be considered a “soft inquiry” where you’re just checking your credit score. A soft inquiry has no effect on your credit score. A “hard inquiry”, on the other hand, is different and will lower your credit score if they happen too often.
You can check your credit report for free, here.
What’s the Difference Between a Hard and Soft Inquiry?
So, we know that a soft inquiry doesn’t affect your credit score, but a hard inquiry does. But what’s the difference between a soft inquiry and hard inquiry?
A soft inquiry is when you, or a possible creditor or perhaps employer, check your credit score as part of a background check. Not a big deal and won’t affect your score.
A hard inquiry, or “hard pull” is when a financial institution, like a bank or credit card issuer, checks your credit as part of a lending decision. This is common when you apply for a mortgage, loan or credit card and typically you have to authorize them.
Hard inquiries generally take a few points off your score, which isn’t a big deal unless you’re applying for numerous loans or credit cards at the same time, which you should avoid.
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