Does Checking Your Credit Score Lower It? The Real Answer
Does Checking Your Credit Score Lower It? The Real Answer
No, checking your credit score does not lower it. This is a common myth. There are two types of credit checks: hard inquiries and soft inquiries. Checking your own credit score is a soft inquiry and does not affect your score. According to Experian, a hard inquiry might lower your score by as much as five points, but this does not apply when you check your own score.
Why This Matters
Understanding the difference between hard and soft inquiries can save you from unnecessary worry and help you manage your credit more effectively. Your credit score influences your interest rates, which can save or cost you hundreds of dollars annually. For instance, a better credit score might lower your mortgage rate by $50/month, saving you $600/year.
The Full Explanation
Understanding Credit Inquiries
Credit inquiries are requests to view your credit report. They are classified as either hard or soft:
- Hard inquiries: Occur when a lender checks your credit for a loan or credit card application. These can temporarily lower your score.
- Soft inquiries: Include checking your own score or when a lender pre-approves you for an offer. These do not affect your score.
Impact of Credit Checks on Your Score
Hard inquiries might lower your score by a few points, but they are part of responsible credit use. Soft inquiries, such as when you check your score through BON Credit, do not lower your score. Regularly checking your score helps you stay informed and can guide you to improve your credit profile.
Step-by-Step Guide: How to Check Your Credit Score Safely
- Use a reliable service: Opt for services like BON Credit to check your score without impacting it.
- Monitor regularly: Check your score monthly to catch any errors or unexpected changes.
- Review your credit report: Request your free annual report from each bureau to ensure all information is correct.
- Dispute inaccuracies: If you find errors, dispute them promptly to protect your score.
You could spend an hour doing this manually — or let BON Credit do it in seconds, for free.Download →
Common Mistakes or Myths
A common misconception is that every credit check hurts your score. Only hard inquiries affect your score, and even then, the impact is minimal and temporary. Another myth is that avoiding credit checks altogether is beneficial. In reality, keeping an eye on your credit helps you manage it better.
FAQ
Does checking my credit score too often hurt it?
No, checking your own score is a soft inquiry and does not affect your credit.
How often should I check my credit score?
Monthly checks are ideal for staying updated and catching any inaccuracies early.
What is a hard inquiry?
It's a credit check by a lender when you apply for credit. It may reduce your score slightly.
Can BON Credit help with credit monitoring?
Yes, BON Credit provides free credit monitoring and guidance to improve your score.
Don't waste time wondering about your credit score. Let BON Credit track it for free and provide actionable insights. Get started now →
- Checking your credit score does not lower it.
- Hard inquiries might affect your score by a few points.
- Monitoring your credit regularly can help improve your financial health.
- BON Credit offers free tools to track and manage your credit effectively.