I heard that checking credit score can downgrade it. Is it true?
Most people still believe that checking their credit scores will negatively affect their credit report. However, that’s not entirely true!
When you check your own credit score, it is a soft inquiry, and it has no impact on your score at all.
Soft inquiries are totally different from hard inquiries. It happens when a lender checks your score because you are applying for a loan or credit card.
Those can cause a small, temporary drop in your score. However, checking it yourself is totally safe from a credit score drop.
By checking the score, you can make sure of the following things:
- Spot errors on your credit report early.
- Detect fraud or identity theft quickly.
- Understand your approval chances before applying for credit.
- Track your financial progress over time.
Additionally, there is no limit to how often you can check it. Experts actually recommend keeping an eye on it often so you can stay on top of your financial health.
So do not worry! Checking your credit score is safe, free and smart. Just remember the difference between soft inquiry and hard inquiry.
In case you do not have any existing credit cards, loans or EMIs, then you will not see any credit score. For that, you can start with an FD-backed credit card, which can build your credit history easily.