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Does checking your credit score lower it?


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When it comes to credit scores, a lot of misinformation and myths run rampant. For example, some have believed that carrying a balance on a credit card is the best way to improve your score, which is not true. Others emphasized that close old credit card you don’t use can give your credit with much needed boost, which is also wrong.

However, there is a myth about credit that doesn’t seem to go away. Many people think that checking your credit score or your own credit report will cause damage to your credit. Fortunately, there are plenty of ways to see your credit score and even what’s on your credit report without hurting your own credit health.

First, it’s important to understand the two ways that someone can view your credit report. The first is when you’re applying for a mortgage, car loan, credit card, or other form of credit and your lender wants to see your credit report to determine if you’re at risk. good credit risk or not. This shows up on your report as a “hard request” or “hard to pull” and it affects your credit score, albeit by a small margin.

However, sometimes you haven’t applied for credit with anyone, but the credit card company wants to look at your credit report to see if you’re pre-approved or promotional. This still shows up on your report, but it’s called a “soft request” or a “light pull,” and these slight pulls don’t affect your credit score at all.

The good news is that when you check your own credit score, you almost always do a slight pull, which means you can check your credit and see where you stand without damage. worth having.

So, if your goal is to look at your credit score without harm, there are quite a few strategies that allow you to do exactly that. Many credit cards – including those you may already have – offer a free credit score as a cardholder privilege. This includes the word tags American Express, hunting, Capitalize one, Citibank and others.

Some credit card programs even offer a free credit score that anyone can apply for. For example, CreditWise from Capital One allows you to view VantageScore 3.0 powered by TransUnion without a Capital One credit card. You can also sign up for alerts that let you know how your credit score changes over time.

Get access to your credit score and credit report for just $1 with this offer.

Checking your credit score is completely different from checking your credit report. Your credit score is a numerical representation of your overall credit health, however, your credit report is where all the information about your credit account, payments, and levels is listed. Use your overall credit.

While your credit report won’t list your credit score, there are plenty of reasons to keep an eye on the information it includes. Your credit report is the first place to show fraudulent accounts in your name. This is one of the reasons many experts recommend checking your credit report every half year, as it’s one of the best ways to spot the early signs of theft. identity.

Not only that, your credit report may contain errors or misinformation that can ultimately affect your credit score, as the information on your credit report is used to calculate your score. your. It’s a fairly straightforward process to dispute inaccurate information that appears on your credit report, but you’ll only know what’s there if you take the time to review it.

Luckily, when it comes to checking your credit report, you can do it for free and won’t affect your score at dailycreditreport.com. This site, which is the only one allowed by federal law, generally allows you to check your Experian, Equifax, and TransUnion credit reports once a year for free. But right now, by the end of 2022, you can check your report for free as often as once a week.

Check your credit score now and track your credit with this offer.

Now you know that you can check your credit report and score without damaging the credit you’ve worked so hard to build, but why should you care? Is your credit score really as important as some say?

It’s easy to believe your credit score doesn’t matter, but anyone who’s ever bought a home, got a car loan, or applied for a credit card can tell you otherwise. While your past credit behavior isn’t the only factor considered when you apply for new credit, your credit score alone tells lenders a lot they want to know.

If you have a credit score that is considered “good” – that is, FICO score of 670 or higher – you are more likely to be approved for the new line of credit you want on reasonable terms and conditions. But if your credit score is below that, you may have to pay additional fees and higher interest rates, or you may not be approved at all.

Interestingly, your credit can even affect auto insurance rate or your ability to get a job if a potential Employers ask to see a revised version of your credit report as a condition of your rental. Good credit can be the key to having the life you want, but the opposite is also true.

A credit check won’t affect your score and it’s the best way to know where you stand. It always makes sense to keep your credit score in good shape, so yes, check your credit score now and track how your score changes over time.

Monitor your credit with this credit score offer.

Read more stories in our “Myths of Credit” series:

Looking for a new credit card? Read CNN Underscored’s guide to best credit card currently available.

Get all the latest personal finance deals, news and advice at CNN Suberscored Money.



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