Does checking FICO score hurt credit? This is a common question among individuals who are keen on maintaining a good credit standing. The answer to this question is not straightforward, as it depends on the type of credit inquiry and the frequency of checking your FICO score. In this article, we will explore the different types of inquiries and their impact on your credit score, helping you understand how to check your FICO score without causing any harm to your credit.
Checking your FICO score is generally considered a soft inquiry, which does not negatively affect your credit score. Soft inquiries are typically made when you check your own credit score, apply for a pre-approved credit card, or conduct a rate check. These inquiries are visible only to you and do not impact your creditworthiness in the eyes of lenders.
However, if you frequently check your FICO score, especially if you do so multiple times within a short period, it may raise red flags for lenders. They might perceive this behavior as a sign of financial stress or a potential credit risk. To avoid this, it is advisable to check your FICO score only when necessary and to space out your inquiries.
On the other hand, hard inquiries occur when you apply for new credit, such as a mortgage, car loan, or personal loan. These inquiries can temporarily lower your credit score by a few points, as they indicate that you are actively seeking new credit. However, the impact of a hard inquiry is usually minimal and temporary, and your score will begin to recover within a few months.
To summarize, checking your FICO score does not hurt your credit when done as a soft inquiry. However, it is essential to be mindful of the frequency and reason behind your inquiries. If you are concerned about the impact of checking your FICO score, consider the following tips:
1. Monitor your credit score regularly through free resources like Credit Karma or Experian.
2. Space out your inquiries to avoid raising red flags for lenders.
3. Focus on maintaining a healthy credit mix, paying your bills on time, and keeping your credit utilization low.
4. If you need to apply for new credit, do so within a short time frame to minimize the impact of multiple hard inquiries.
By following these tips, you can keep your FICO score intact while staying informed about your credit health. Remember, the key is to strike a balance between monitoring your credit score and applying for new credit responsibly.
