Saturday July 29, 2017

Expand All/Contract All

Does Checking Your Own Credit Lower Your Score? (Video)
Posted by CreditLearningCenter.com

Will checking your own credit report hurt your credit score?

When your credit is checked, this creates what is known as an "inquiry."

There are two types of inquiries on credit reports:

  • A Soft Inquiry
  • A Hard Inquiry

When you check your own credit report, this is known as a "soft" inquiry and it will not affect your credit score whatsoever.  You can check your credit all you want and your score will not be impacted.

When you apply for credit, whether it's a mortgage or refinance, car loan, credit cards, or any of a number of applications for financing, this creates what is knows as a "hard" inquiry and this will lower your score slightly.  Too many different credit applications over a short period of time can lower your credit score significantly, so don't over-apply for credit. 

One other note, if you fill out several credit applications for the same purpose over a short period of time, a mortgage for instance, this will normally be treated as a single inquiry--not multiple inquiries.

Do you know your credit score? Do you know what's in your credit report?  You can get both now:

Special Offer: Get Your Free Credit Report and Score and Daily Credit Monitoring Free for 7 days,

Comments - Add a Comment
There are currently no comments for this resource.
Click here to add a comment.
 
 



Copyright © 2017 creditlearningcenter.com. All Rights Reserved.
Home About Us Site Map Contact Us