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Does checking my credit score Reduce It?

 

 

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Does checking my credit score lower it?

 

A credit check will not harm your credit score. It's safe and sensible to keep it in check regularly.

 

By Bev O'Shea personal finance writer | MSN Money, Credit.com, Atlanta Journal-Constitution, Orlando Sentinel Bev O'Shea is a former NerdWallet authority on consumer credit, scams and identity theft. She holds a bachelor's degree in journalistic studies from Auburn University and a master's in education from Georgia State University. Before joining NerdWallet she was employed by daily newspapers, MSN Money and Credit.com. Her work has appeared throughout the world in The New York Times, The Washington Post, the Los Angeles Times, MarketWatch, USA Today, MSN Money and other publications. Twitter: @BeverlyOShea.

 

 

 

 

 

And Amanda Barroso Lead Writer | Budgeting, credit scoring Personal financial planning Amanda Barroso is a personal financial writer who has joined NerdWallet in 2021 and focuses on credit scoring. She also wrote data-driven studies and has contributed to NerdWallet's "Smart Money" podcast. Before joining the team, Amanda was a journalist for over a decade focusing on issues facing numerous Americans, which includes her work as a writer at the Pew Research Center as well as a policy analyst at the National Women's Law Center and a college professor. Amanda obtained a doctorate at The Ohio State University.

 

 

 

 

 

 

Updated on Sep 23rd 2022

 

 

 

Edited by Kathy Hinson Lead Assigning Editor Personal finances, credit scoring managing money and debt Kathy Hinson leads the Core Personal Finance team at NerdWallet. Prior to joining NerdWallet, she worked for 18 years at The Oregonian in Portland in capacities such as chief of the copy desk and team director of design and editing. Previous experience included copy editing and news for a variety of Southern California newspapers, including the Los Angeles Times. She received a bachelor's degree in mass communication and journalism from the University of Iowa.

 

 

 

 

 

 

 

 

 

 

 

The majority or all of the products featured here are from our partners who pay us. This impacts the types of products we review and the location and manner in which the product is featured on a page. But, it doesn't affect our opinions. Our views are our own. Here's a list of and .

 

 

 

 

If you look up your credit score yourself It won't affect it. However, should the lender or credit card company has a negative score, it might.

 

Either way, you'll see an "inquiry" to your credit score. It means that someone -- you or the lender took a look at your credit report. (A is your track record in credit. The credit score you get is calculated using data in your credit reports.)

 

If you've had a credit report , you're likely to find the card or lender issuers that are listed on your report. You may also see collection agencies, lenders to who you've not made an application as well as records of the time you checked your own credit.

 

When does checking my credit score affect it?

 

" ," also called "hard pulls," are the ones that can cost you points. They occur when you are you are deciding whether to grant credit (or additional credit) to you. These hard inquiries should not be conducted without your knowledge or consent.

 

You can check your hard inquiries on NerdWallet's summaryof your credit, which is updated weekly. You can also check your credit reports for free to see who's reviewed it in the past two years. Consumers can access these reports every week until 2023.

 

A hard inquiry could cost you five points according to the person who invented the most popular scoring formulas. With VantageScore which is a growingly popular credit scoring model the cost of a hard inquiry is likely to cost even more.

 

Contrarily the other case, a "soft inquiry" or "soft pull" occurs when you -or a lender looking to approve you for an loan or credit card -is able to check your score. A soft inquiry does not have any effect in your credit rating.

 

So, if you apply for several credit cards to each other, you may see a significant drop in your credit scores. Before you apply make sure you conduct studies on the card that will meet your financial requirements, while keeping your eligibility conditions in your mind.

 

Your credit report is a credit score for two years, however any impact to your score fades faster than that.

 

Keep up with your credit score

 

We'll let you know the moment your score changes and give you free advice on ways to continue building.

 

 

 

 

 

 

 

 

 

 

 

The reason why checking your credit score is smart

 

often can inform you that you notice something amiss. An unintentional, significant change in your score could be your first indication of an error or mistake on your credit reports.

 

When you are applying for credit, it is beneficial to know what you think the lender as well as the credit card issuer will see when evaluating your application. Knowing your credit score will prevent you from losing points when you apply for items you're not eligible for.

 

Knowing where you stand gives you the opportunity to improve your credit score prior to when you apply for credit.

 

Commonly asked questions Is checking my credit score free?

 

 

 

Many credit card issuers and personal finance websites offer credit scores that are completely free to customers. However, if you want a certain version from a specific credit bureau, then you could be required to pay.

 

 

 

 

 

 

 

 

How come your credit score drop when you examine it?

 

 

 

Your credit report doesn't affect it. However, your score may be affected if someone else checks it. It could happen if were to apply for an loan credit card, credit card, or even an apartment.

 

 

 

 

 

 

 

 

How many points will your score go down for an inquiry?

 

 

 

FICO says for most people, it's about five points for a so-called "hard inquiry." VantageScore could drop up to 10 points, recoverable in three months.

 

 

 

 

 

 

 

 

 

 

Do I have to check my credit score completely free?

 

Many credit card issuers and personal finance websites offer credits scores which are truly free for consumers. However, if you want a certain version from a specific credit bureau, you might have to pay.

 

 

 

What causes your credit score to go down when you check it?

 

Your credit report isn't a factor in determining your credit score. But your score could go down when someone else is checking it. That would happen if you were to apply for an loan or credit card or maybe an apartment.

 

 

 

How many points does your score drop for an inquiry?

 

FICO claims that for the majority of people, the average is five points for a so-called "hard question." VantageScore can drop as high as 10 points and be recouped in three months.

 

 

 

 

 

 

How to check your credit score, without harming it

 

Remember these points when you check your score on credit:

 

There are , often with different versions. If you are monitoring your credit score, be sure to use the exact credit score and version of it every time. Otherwise, you're comparing apples and oranges. Credit scoring models generally measure the same things, but they could weigh them differently and may use different scales.

 

There is no need to purchase the services of credit monitors or Identity theft protection to check your scores. There are many ways to get your score without cost. They could be provided with a credit card or you can obtain a free credit score from NerdWallet, which updates weekly.

 

 

In an age where identity theft and data breaches are the norm having your credit score checked regularly is a good way to maintain your credit.

 

 

 

Authors' Bios Bev O'Shea is a former credit writer at NerdWallet. Her work has appeared in publications such as the New York Times, Washington Post, MarketWatch and elsewhere.

 

 

 

Amanda Barroso covers consumer credit and debt for NerdWallet. She was previously employed at the Pew Research Center and earned a doctorate at The Ohio State University.

 

 

 

 

 

 

 

 

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Be sure to keep up with your credit score

 

We'll inform you the moment your score changes and offer free tips on ways to continue building.

 

 

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