Does checking your credit score hurt it? This is a common question that many people have when they consider reviewing their credit report. The answer, however, is not straightforward and depends on several factors. In this article, we will explore the impact of checking your credit score and whether it can potentially harm your creditworthiness.
Firstly, it’s important to understand that there are two types of credit inquiries: hard inquiries and soft inquiries. Hard inquiries occur when you apply for a new credit account, such as a loan or a credit card. These inquiries can temporarily lower your credit score. On the other hand, soft inquiries are typically performed when you check your own credit score or when a lender pre-approves you for a credit offer. Soft inquiries do not affect your credit score.
So, when you check your credit score, it is considered a soft inquiry and will not hurt your credit score. In fact, it is often recommended to check your credit score regularly to monitor your credit health and identify any errors or discrepancies that may be impacting your score. By doing so, you can take proactive steps to correct any issues and improve your creditworthiness.
However, it’s important to note that if you check your credit score frequently, it may raise red flags with lenders. They might perceive it as a sign that you are trying to open new credit accounts or are experiencing financial difficulties. To avoid this, it is advisable to check your credit score in moderation and only when necessary.
Another factor to consider is the impact of checking your credit score on your credit report. If you check your credit score frequently, it may appear as multiple soft inquiries, which can be confusing for lenders. To avoid this, it is best to use a credit monitoring service that provides you with your credit score and reports regularly, rather than checking them individually.
In conclusion, checking your credit score does not hurt it, as long as it is done through a soft inquiry. Regularly monitoring your credit score can help you identify potential issues and take corrective actions. However, it is important to check your credit score in moderation and use credit monitoring services to ensure that your credit health is not negatively impacted.
