Does Checking My Credit Score Lower It?
Whether you’re checking for errors on your credit report, trying to improve your credit score or wondering if you’d qualify for that loan or credit card, checking your credit is necessary sometimes. But does checking my credit score lower it?
Good news: Checking your own credit score does not impact your credit. In fact, it’s something you should do regularly.
Key takeaways
- Checking your own credit score does not impact your credit.
- Monitoring your credit regularly can help you maintain a good credit score, detect fraud and prepare for loan applications.
- Checking your credit report for errors, keeping your balances low and always making on-time payments will also help you maintain good credit.
How hard vs. soft credit checks affect credit scores
The biggest difference between hard and soft credit checks (or inquiries) is that hard inquiries impact your credit score and soft inquiries do not.
When you check your own credit, it’s considered a soft inquiry. The inquiry is only visible to you on your credit report, and it doesn’t affect your credit score. Other examples of soft inquiries include when a potential employer checks your credit or when a lender does a soft credit check to see if you prequalify for certain offers.
When you apply for a new credit card or a loan, the credit card issuer or lender checks your credit as part of the application process. This is considered a hard credit check.
This type of inquiry is visible on your credit report to others and can slightly decrease your credit score. Hard credit checks remain on your credit report for two years and impact your credit score for one year.
| Soft credit checks… | Hard credit checks… |
|---|---|
| Are only visible to you on your credit report | Are visible to everyone and stay on your credit report for up to two years |
| Don't impact your credit score | Can lower your credit score |
| Don't require your approval | Require your written approval |
| Occur when you check your own credit or when a lender checks if you prequalify for offers | Occur when you apply for a loan or credit card |
You can check your credit reports regularly to vet new activity and understand its impact on your credit score. For example, on your Experian report, you’ll find hard and soft credit checks under the “credit inquiries” section.
Why to regularly check your credit score
Monitoring your credit score is crucial to your financial wellness. It can help you:
- Improve your financial and credit awareness
- Detect fraud quicker
- Identify how likely you are to qualify for loans and credit cards
- Prepare for loan and credit card applications
It’s important to balance staying informed with not obsessing over minor fluctuations in your credit score. You don’t need to check your score daily, but it’s wise to check your credit report at least once a year, if not once per quarter.
Track your credit
You can monitor fluctuations in your credit score more often by signing up for credit score alerts through a trusted platform like LendingTree Spring. These alerts will keep you in the loop and give you a better sense of how your financial behavior impacts your credit score.
Other credit score myths
The idea that checking your credit report can lower your score is a myth, and it’s not the only one surrounding credit scores. Here are a few more common credit score myths debunked.
Myth
You must carry a credit card balance to build credit.
Fact
Carrying a credit card balance does not help your credit score. It can actually hurt your credit if you have a high credit utilization ratio, and steep interest rates can cost you a lot. If you have a large balance and aren’t able to keep up with minimum payments on your cards, this can also bring down your credit score.
Myth
Closing old credit cards improves your credit score.
Fact
Closing old credit cards can hurt your credit score. The length of your credit history makes up 15% of your FICO credit score, which includes the average age of all your accounts and the ages of your oldest and newest credit accounts. Having a longer credit history can help your score.
Myth
All debt hurts your credit score.
Fact
Debt can hurt or help your credit score depending on how you manage it. Missing payments and carrying a high credit card balance can damage your credit. But having a mix of credit accounts and loans, keeping your credit utilization low and always making on-time payments can help your credit.
Myth
Shopping around for the best rates on home or car loans is bad for your credit.
Fact
Multiple credit checks from car and mortgage lenders in a short period of time are usually bundled together as one. Applying for new credit with a few different lenders shouldn’t hurt your credit more than applying with one would, and any impact on your score will likely be minimal and temporary.
Guide to maintaining your credit score
- Check your credit reports. You can request free copies of your credit reports on a weekly basis through Annualcreditreport.com. These reports do not include your credit score, but it’s important to comb through the information and dispute credit report errors if you find any.
- Track your credit score. There are many ways to check your credit score. You can request it from any of the three credit bureaus, use a free online credit score tool like LendingTree Spring or see if your bank or credit card company offers free credit scores.
- Boost your score. One of the best ways to maintain or improve your credit is to work on paying off your debt and always make your payments on time. Setting up automatic payments on your credit cards and loans can help you avoid a missed payment.