Throughout your financial life, banks and other lenders will frequently check your credit score to determine whether to grant you credit or make a loan. Financial institutions prefer to lend to borrowers with good credit (typically meaning a credit score above 670). Finding out your score can be quick and easy, and it wont hurt your rating.
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Examples of Soft Inquiries
The following are examples of what constitutes a soft inquiry:
- Checking your own credit. This, as weve noted, has no effect.
- A current creditor checks your credit. Your creditor might want to monitor your finances if you have a credit card or loan. It won’t lower your score because this isn’t a new lender looking into your past financial transactions.
- Your auto insurer looks at your credit file. When determining or modifying your yearly premiums, the company that presently holds your auto insurance policy may start a soft pull on your credit report. Many insurance companies have been using credit reports since the mid-1990s to assess a driver’s likely risk profile because they believe that better credit is associated with safer driving.
Can Checking Your Credit Score Hurt It?
The answer is basically no. Personally looking up your current score or credit report wont cause any damage. Thats considered a soft inquiry, which has no effect. Your credit score will be safe whether a soft inquiry is carried out by you or a potential lender (like a credit card company seeking new members), provided the inquiry isn’t the outcome of your application for a loan or other credit.
But, it’s regarded as a hard inquiry when a lender looks up your credit report in connection with a credit application you’ve submitted. Hard inquiries will appear on your credit report and, according to FICO, the main credit-scoring organization, may lower your score by a few points—probably less than five.
You have a legal right to a free credit report from each of the three major credit bureaus once a year at the very least. You can get them at the official website, AnnualCreditReport. com. Within 60 days of getting an adverse action notice—a notification that you’ve been denied credit—you can also obtain a free copy of your credit report. Credit reports are the basis of your credit score, but they do not include it.
How to Check Your Credit Score [Without Hurting Your Credit]
FAQ
Can you check your credit score without hurting it?
How often is it OK to check credit score?
How many times can your credit be checked before it affects your score?
Does your credit score get affected if you check it often?
Does checking your credit score hurt your credit rating?
When you check your credit score, a notation to your credit report is made. But maybe you’re wondering if doing so will hurt your credit rating. In short, no – you can check your own credit score without hurting it. However, some credit checks, known as hard credit inquiries, can affect your credit score. Take Control Of Your Credit.
Can I Check my Own Credit Score without hurting it?
In short, no – you can check your own credit score without hurting it. However, some credit checks, known as hard credit inquiries, can affect your credit score. Take Control Of Your Credit. Get Your Free Experian® Credit Report And FICO® Score. See Score Factors That Show What’s Positively or Negatively Impacting Your Credit Score.
How often should you check your credit score?
You can check your credit score as often as you want without hurting your credit, and it’s a good idea to do so regularly. At the very minimum, it’s a good idea to check before applying for credit, whether it’s a home loan, auto loan, credit card or something else.
How long does a credit score last?
They are 45 days, 30 days, and 14 days; these time frames will count for inquiries not made in the last month, but were still from a time when you were rate shopping. The time period that applies to your score depends on the scoring model your lender uses when they pull your credit.