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Does Checking Your Credit Score Online Affect Your Credit Report?

Everytime you check your credit score online, an inquiry gets generated on your credit report. There are 2 types of inquiry namely: Soft inquiries and Hard inquiries. Soft inquiries are generated when you or your employer checks your credit score. These inquiries do not affect your score because you are not applying for any loan. Whereas, hard inquiries are generated when your lender checks your score to determine your credibility. And this inquiry will be reflected on your credit report and can affect your credit score.

Factors that Affect Your Credit Score

Checking your own credit score will not reduce it. However, there are other factors that affect your score. Here is the brief overview of each factor that has an influence on your credit score (FICO score).

  • Payment History: The payment history has 30% of your FICO score. It indicates whether you have repaid your loan consistently on time. So if the payment is late by more than 30 days, your credit score will be affected. And if you default on any of your loans, it will have a severe impact on your score.
  • Amounts owed: It accounts for 25% of the FICO score and shows how you use your credit which is also known as Credit Utilization Ratio (CUR). So if you spend more often using your credit, it will seem like reckless financial behavior. Therefore, you have to maintain your credit utilization ratio below 30% of your income.
  • Number of Credit Inquiries: It shares 20% of your FICO score and everytime you apply for a new loan, lenders check your credit score which generates a hard inquiry. So if you apply for a loan from multiple lenders, there are high chances of having multiple hard inquiries which will ultimately lower your credit score.
  • Length of Credit History: If you have a long credit history, your score will also increase. So keep your old credit accounts open even if you do not use them any longer.
  • Credit mix: Managing different types of credit such as home loan, education loan, car loan, etc will increase your score significantly.

How Often Can You Check Your Credit Score Online?

  • You can check your credit score online as many times as you want. Moreover, it is better to check your score often to have a track of your credit health.
  • You can also check your score months in advance before you apply for a personal loan so that you will have time to fix any issues.
  • You can review your credit report once a year regularly.
  • You can also check your credit score using Buddy Score and get a credit report instantly.

Final Note

Thus, checking your credit score online will not affect it unless it is a hard inquiry initiated by the lender. The reason is that multiple hard inquiries drastically affect your credit score which will be reflected in your credit report. Therefore, it is important to review your report regularly to identify and rectify potential errors.

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