Credit Karma is a free online service that allows consumers to check their credit score for free. Since Credit Karma is a self-initiated, soft credit inquiry, checking your credit does not lower your credit score. Members can check their credit scores as often as they wish.
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Hard Inquiries vs. Soft Inquiries
When you apply for a credit card, mortgage, auto, school, business, or personal loan, or for a credit report, hard inquiries take place. They also occur when you request a credit limit increase. One or two hard inquiries annually might not have much of an impact on credit scores, but six or more hard inquiries at once can be detrimental.
Conversely, soft inquiries are typically employer background checks, credit checks conducted by companies that offer goods or services, pre-approvals for credit card offers, and personal credit score checks. Soft inquiries can also be inquiries made by businesses with which you already have accounts.
Most of these softer inquiries are not for official lending decisions. They’re considered promotional and conditional, and they won’t affect your credit score. Depending on the credit bureau, soft inquiries may be made without your consent and recorded on your credit report.
A hard or soft inquiry could also come from other actions like registering for a car or apartment rental, obtaining a cable or internet account, having your identity confirmed by a financial institution like a stock brokerage or credit union, or opening a checking account. This depends on the credit card bureau or type of institution that instigates the inquiry. Since Credit Karma makes the information request on behalf of its members, it is regarded as a soft inquiry and doesn’t have an adverse effect on your credit score.
Why Credit Karma Won’t Hurt Your Score
Credit Karma checks your FICO score on your behalf and therefore conducts soft inquiries. Soft inquiries differ from hard inquiries in that they do not affect your credit score. On the other hand, a string of difficult questions in a short length of time can lower your score by as much as five points each and remain on your report for as long as two years.
Points are typically subtracted by credit bureaus, especially if you have few or no accounts or a brief credit history. Credit bureaus interpret multiple hard inquiries as indicating that you may be a high-risk borrower.
Individuals who have several hard inquiries on their records are eight times more likely to file for bankruptcy than those who do not have any bankruptcies listed.
BE CAREFUL USING CREDIT KARMA – WHAT YOU SHOULD KNOW
FAQ
Does it hurt your credit to look at Credit Karma?
How many points is Credit Karma usually off?
Is it safe to use Credit Karma?
Is Credit Karma score lower than actual score?
Does Credit Karma hurt your credit score?
Members can check their credit scores as often as they wish. Credit Karma allows you to check your credit report and score for free, without affecting your score. The service doesn’t hurt your credit score because it counts as a self-initiated inquiry, which is a soft credit inquiry.
Does Credit Karma reflect my credit information?
The credit scores and reports you see on Credit Karma should accurately reflect your credit information as reported by those bureaus. The scores we provide are actual credit scores pulled from two of the major consumer credit bureaus, not just estimates of your credit rating.
How accurate is Credit Karma?
Credit Karma compiles its own accurate VantageScore based on that information. Your Credit Karma score should be the same or close to your FICO score, which is what any prospective lender will probably check.
Does Credit Karma offer free credit reports?
Credit Karma works with Equifax and TransUnion, two of the three major consumer credit bureaus, to give you access to your free credit scores and free credit reports . (Experian is the third major consumer credit bureau.) Credit Karma can offer free credit scores and reports because we make money in other ways.