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Does Checking Your Credit Score Lower It?

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This question is one of the most frequent questions, which are asked by the potential borrowers, who want to fix their credit score. They realize the importance of this three-digit number and try to control every single operation. Following the numerous financial rumors, most of the potential borrowers tend to think that checking their credit score will one day influence it.

Financial experts state that checking your credit score, in fact, doesn’t influence it. However, too frequent inquiries may indeed lower it up to 5 points. A person still obtains an ability to open new accounts. The only peculiarity lies in a boundary credit score, which can lead to credit rejection or to the high interest rate.

So, a decrease of your credit score caused by checking it depends on inquiries. There are two types of inquiries in the financial world – soft and hard. Hard pulls are about applying for any kind of a loan (mortgage, credit card or auto loan). The way it negatively influences your credit score is that a person is seemed to be a riskier borrower.

Related blog post: Borrowing opportunities for graduates with a bad credit score.