Does Checking Your Credit Score Lower It?

No, checking your credit score does not lower your score. In fact, it’s essential to regularly check your score so you can track how different credit activities impact the number. 

However, if a lender checks your credit score, that action may temporarily lower your score. Here’s why.

Types of Credit Checks Explained: Soft vs. Hard Inquiries

There are two types of credit checks: hard inquiries and soft inquiries. The chart below summarizes the differences. Keep reading for a more in-depth explanation of each one.

Soft Credit Inquiries

As the name might imply, soft inquiries don’t affect your credit score. Checking your score is an example of a soft inquiry, and so are employer background checks and pre-approval or promotional marketing offers, like those credit card advertisements in your mailbox.

These types of credit checks don’t show up on your credit report and don’t require your permission. 

Hard Credit Inquiries

Each time you apply for credit, the lender pulls your credit report and/or your credit score to determine your creditworthiness, interest, and terms. That action, called a "hard inquiry," will be noted on your credit report for up to two years, indicating to the credit bureaus and other lenders that you’ve actively applied for new credit.

These inquiries may lower your credit score.

Why Do Hard Inquiries Hurt Your Credit Score?

Your credit score is based on the information in your credit report, including credit inquiries and the age of your credit account. For FICO scores, new credit inquiry information contributes to 10% of your credit score. Though it's a small percentage, perhaps, it can impact your score. 

According to FICO, one hard inquiry will only knock about five points off your credit score for 12 months. The VantageScore credit scoring model also factors in hard inquiries when calculating your credit score, but the negative impact doesn’t last as long. Having many hard inquiries on your account over a short period may have a greater impact on your credit score, because it suggests to lenders that you may be short on cash or about to rack up debt. In their eyes, you’re a higher-risk customer. 

Most hard inquiries only affect credit scores during the first 12 months, and impact lessens as the initial inquiry date recedes. However, if you’re new to credit, one hard inquiry may appear to do more damage; fewer positive credit history elements can counteract it.  

Why Is it Important to Check My Credit Score?

Now that you know that you can check your credit score without negatively impacting your score, it’s time to make it a habit. A lower score may indicate errors or fraud on your credit report. The sooner you catch something, the faster you can address it.

Keeping tabs on your credit score can be motivational, too. People who checked their score 12 or more times per year were almost twice as likely to report an improved score, compared to those who only checked it once, according to a survey conducted by Discover. After all, to improve your credit score, you need to know your current number and track your progress. 

Technology has enabled a great deal in the way of real-time updates and integration of data, and these apps are updated weekly regarding your financial activities. They send alerts frequently to ensure that users keep visiting their apps. They also offer many credit products, so be mindful and exercise moderation when checking your score. Do not act on the credit offers that are emailed.

How to Check Your Credit Score

It’s really easy to check your credit score these days, thanks to smartphones and banking apps. Here’s how to regularly check your credit score: 

1. Get It Free From Your Bank, Credit Card Issuer, or Experian

If you have a major credit card, odds are the card issuer already gives you free access to your credit score in their app, on your monthly statement, and/or through a credit education tool. Experian also offers FICO scores to those who sign up for a free Experian account. 

The following card issuers currently offer free credit scores to eligible customers: 

• American Express (VantageScore)
• Bank of America (FICO score)
• Barclaycard U.S. (FICO score)
• Capital One (VantageScore)
• Chase (VantageScore)
• Citi (FICO)
• Discover (FICO)
• U.S. Bank (VantageScore)
• Wells Fargo (FICO)

Find out other ways to get a free credit score.

2. Buy It 

You can also get your credit scores from each of the three major credit bureaus—Experian, Equifax, and TransUnion—and directly from myFICO. However, offerings vary, and in some cases, you have to purchase more than just a credit score:

• Equifax: $4.95/month for VantageScore and Equifax Credit Report access and monitoring.
• TransUnion: $24.95/month for unlimited TransUnion VantageScore and report updates, report alerts, locking tools for TransUnion and Equifax reports, and educational tools  
• Experian: $39.99 for a one-time report from all three credit bureaus, along with scores from all three bureaus. The value here is in getting all three scores, plus a tool.
• myFICO: Prices start at $15.95 for your score from one credit bureau, and go up from there. 

Keep in mind that you’re already entitled by law to a free copy of your credit report from each bureau annually at AnnualCreditReport.com, though the requirement doesn’t extend to credit scores.

Some states may provide additional credit scores for free and/or a fee.

3. Sign Up for a Credit Monitoring Service

There are several credit monitoring services online that you can get your score from, too. However, the companies offering credit scores this way may require enrollment or payment. You’re more likely to see your VantageScore or an equivalent scoring model this way, which is still useful information, but it’s not the FICO score used in 90% of lending decisions. 

We recommend using this method only if you are interested in the other credit-monitoring services. Take advantage of what your card or bank accounts offer, and of the credit bureau-sponsored tools showing your FICO score. 

Regardless of the method you choose, regularly checking your credit score and learning what’s on your credit report will benefit your financial health in the long run. Remember that you can check your credit score as often as you like, and doing so won’t lower it.