People told me that every time I check my credit score, it will deduct 10 points from my credit score. Truth??

Question

also, how to increase my credit score? i heard using my personal check would help, is that true??

Answer 1

No, this is not true.

Checking your credit report and credit score is considered a "soft check" because it is done by you. Six soft-checks within 6 months will bring down your credit score.

Mortgage lending checks are also soft-checks so that consumers do not bring down their scores while shopping for the best mortgage rate.

A hard-check is when you apply for a credit card or a revolving loan. Several of these within a 6 month period will also bring down your score quickly.

Increasing your credit score is done in many ways. If you purchase a FICO kit like those available at MyFico.com, it will tell you what is most likely causing your score to be both strong or weak.

One factor, for example is how much debt you have VS how much credit you have available to your name.

If you owe 10k on CC's, but have 40k available credit, that is a 25% debt/balance ration and is considered good. If this ratio exceeds 30% that is considered bad and will negatively affect your credit score.

Also know that your income has NO AFFECT on your credit score. Your credit report and score is simply a record of your paying habits... that's it.

If you pay on time, lenders will report to these agencies "pays as agreed" and there will be no reason for your score to not escalate as you add years of experience to your reports.

The article below might also help you.

Answer 2

Inquiries do indeed 'deduct' from your score. However, 10 points would be a very high amount. Each time I've had an inquiry its only been a 2-3 point drop. As long as you dont go all crazy, that's reasonable.

However if YOU are checking YOUR OWN credit report, this does not effect your score. An inquiry is only recorded as an inquiry if you go do something like apply for a credit card.

Answer 3

The whole idea with a credit check is to be sure you are in good standing with your creditors. It is not an invasion of privacy. People need to know if you pay your bills and if you don't you are a credit risk. The only alternative to getting turned down is to work on getting your credit score where it should be so you won't be turned down. Otherwise, you will always be trying to find someone to take a risk by co-signing for you. Good luck on that.

Answer 4

No, you checking your credit score/report will not influence it. Other people doing so will, for example when you apply for credit cards.

Your personal checking does not affect your credit score that I know of. The only way to raise your credit score is to use credit. The easiest ones are a "high risk" credit card or financing a purchase such as furniture.

Answer 5

Not totally true. Try True Credit and they (my banker told me this) do what are called "soft pulls" on your credit and thus there are no points deducted from your score. However, it is supposed to be a 'well kept secret' exactly how many points are actually deducted from your score. I believe 10 might be an overstatement, but then again, maybe that person is close to the mark.

Answer 6

This is a false statement. I just recently went on freecreditreport.com and looked up info on this. Checking your own credit score does NOT lower your score although company inquiries do. Ex: If I were to try purchase a car and they needed to do a credit check.. it would show the inquiry and may lower it. Not sure by how much though.

Answer 7

10 PTS? no way lol. Whoever told who that has no clue what they are talking about

The truth is that the jury is still out completly on that one. Mutilple credit checks have been proven to lower scores slightly, but no where near 10pts.. that is quite a bit. The difference between 700 credit and 650 can be substantial when it comes to rates, and 5 credit checks would never , even lower you from 700 to 650

Answer 8

No, silly, just checking it won't lower it although some credit institutions do stupid things like assuming you got a credit card somewhere else if you ask for an application and don't use it.
You build a good credit rating by buying moderately on credit and paying off on time and regularly. Using your checks to pay expenses basically bypasses the credit activity checking process.

Answer 9

I am not sure how many points are deducted. However every time someone runs your credit including you points are deducted from your overall score. Hope this helps

Answer 10

you should only check your credit score once a year or else it harms your credit. This includes any credit card companies, car dealerships etc. Anytime your credit is pulled by either you are anyone else it hurts it.