Does performing a credit check on myself lower my credit score?

Question

I've heard it does and it doesn't, who's right? I'd just like to know where I stand. I know it's good but I want to know how good.

Power to the people, let the voting begin.

Answer 1

No, it doesn't because it's considered a soft hit. Other soft hits are when a credit card issuer checks for your score so they can send you a preapproved offer. If you then apply for the card, it becomes a hard hit and those are the only ones that count against you (or show up on your report, for that matter.)

Even if you know your credit is good, you SHOULD check it once a year or so, just to make sure that there is no inaccurate information on there. You're much better off tackling any errors when they happen than waiting until you have a mortgage loan on the line!

BTW, I look at credit reports every single day as part of my job and it absolutely DOES tell you who a hard hit was from. Soft hits don't show up at all.

Answer 2

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RE Does performing a credit check on myself lower my credit score?

I've heard it does and it doesn't, who's right? I'd just like to know where I stand. I know it's good but I want to know how good.

Answer 3

No, as others have said. Inquiries initiated by an individual for the purposes of checking your score are "soft" inquiries and have no affect on your score. Hell, there are people who are addicted to their scores who check them every single day. No effect.

"Hard" inquiries are the result of you applying for credit. So, if you take advantage of the "instant credit" at the store counter, that's a hard inquiry, as is any credit card application, mortgage inquiry, and so on. Exception to this is for mortgage inquiries (if they are correctly classified as such), all of the hard inquiries within a two week period count as a single inquiry, to encourage you to shop around for the best rate without concern for lowering your score too much.

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Answer 4

No, the only inquiries that affect your credit score are inquiries that are for the purpose of approving or disapproving new credit. And usually, if you have a couple of similar inquiries within a couple of days (i.e., mortgage inquiries or car loan inquiries) they are only considered as a single inquiry and will not effect your score more than 1 single inquiry would.

Answer 5

Yes it will don't do it.Every time someone checks their credit score it is a "hit" that someone has checked it. It will not say who checked it so don't do it. Unless you aren't planning to apply for credit or a mortgage or a car loan.The more hits the worse it looks.

Answer 6

Absolutely not!

When you check your own credit it is called a Soft Inquiry which has absolutely no impact on your credit positive or negative.

When someone else checks it such as a bank, or car dealership, they are preforming a Hard Inquiry and it does negatively impact your credit.

Answer 7

I think that any credit check will lower it some, but if you wanna know go for it

Answer 8

No it does not lower your score if you check your own. If another party inquires your credit report, it may depending on how many you get.

Answer 9

if you check your own credit it will not affect your score. If you are shopping for credit among creditors (credit cards, auto loans, etc) it will lower your score. Your score is based on many factors myfico.com has great information.

Answer 10

Are you that confident in yourself that you have to do a credit check?