Do you want to check your credit score, but are afraid checking will hurt your score? Don’t worry, if you check your credit score yourself, it doesn’t hurt you. As a credit repair company that’s helped many people restore good credit, we get this question a lot.
If a lender or credit card issuer checks, it might negatively affect it. Either way, you’re going to see an “inquiry” on your credit report. A credit report simply represents your track record with credit. Your actual credit score is calculated from the data in your report. Let’s take a deeper dive into what you should know about checking your credit score.
A hard inquiry also referred to as a “hard pull” is a credit check that can cost you points. They happen when someone pulls your credit for the purpose of deciding whether to extend credit to you. These types of inquiries should never occur without your knowledge and consent. A hard inquiry might cost you up to five points according to FICO.
A soft inquiry, as you may have guessed, does not affect your credit score. This type of inquiry occurs when a creditor looking to preapprove you for a loan or credit card checks your score.
It’s Smart to Check Your Credit
Keeping on top of your credit score is a good idea. You will be quickly alerted if something is not right. A large, unexplained change in your score can be the first indication of potential identity theft or a mistake on your credit report. Before you apply for credit make sure you know what your credit score is, so you’re not applying for products you don’t qualify for.
Best Ways to Check Your Credit Score
Keep in mind there are many different kinds of credit scores. When you’re monitoring your credit score, be sure to use the same credit score and same version each time to get an accurate reading of which direction it’s heading. Otherwise, you’re comparing apples to oranges. Credit scoring models measure the same things for the most part, but they give different weight to them and may use different scales. Many credit card companies will provide you with free access to your credit score so you can regularly monitor it.
Credit Repair Experts
If you’re in the process of repairing your credit or need help getting started we can help. Turning your credit around doesn’t have to be a multi-year process. With the right strategy, you can quickly get back into good standings. Call us today if you need help fixing your credit.