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No, if your credit card score is checked, it will not always hurt your credit

You may have gotten an email or seen it on the internet to check your credit score for free, but some are wondering if that will hurt your credit.

CHARLOTTE, N.C. — From buying a house or car to a cellphone or car insurance, your credit score can have a big impact on everything you purchase. 

That's why you always want to know your credit score so you can keep it high and increase your chances of being approved without paying too much interest. But can checking your credit score too often send it plummeting? 

Many websites and consumer services offer free credit checks, but some people are concerned that looking up their information could actually hurt their credit. 

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THE QUESTION 

If your credit score is checked, will it always hurt your credit?

OUR SOURCES

THE ANSWER: 

This is false.

No, if your credit score is checked, it will not always hurt your credit. 

If it's a soft inquiry, that will not affect your score. However, if you are applying for credit or a loan in some way, a hard inquiry can bring your credit score down. Although financial experts say you usually gain those points back in a few months.

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WHAT WE FOUND 

Both Henry and Doe say there are two ways to check your credit score. 

"When your credit score is checked, it's either soft or hard," Doe said.  

Both of them say soft inquiries will not hurt your credit score, and they actually recommend it. 

"So soft inquires, like checking your own credit score, or if an institution is preapproving you for a loan it's considered soft and it won't impact your credit score," Doe said.  

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Credit Karma list the differences between hard and soft inquiries

Soft inquires include:

  • Checking your credit score yourself 
  • Prequalified for credit card offers 
  • Prequalified insurance quotes
  • Employment verification 

These soft inquiries will not hurt your score, however, hard inquiries can. 

"Some credit card companies will make a soft inquiry and see if you're preapproved," Henry said.  

He went on to say that when someone applies for a credit card, the offer that you receive will be a hard inquiry. 

"A hard inquiry is when your credit score is being checked to give you credit," Doe said. "Giving you access to a loan or another credit card, that's considered a hard inquiry. It will impact your score but it will be negligible, usually less than five points."

Some hard inquiries listed on Credit Karma's site include : 

  • Mortgage applications
  • Auto loan applications
  • Credit card applications 
  • Student loan applications
  • Personal loan applications
  • Apartment rental applications 

Contact Meghan Bragg at mbragg@wcnc.com and follow her on FacebookTwitter and Instagram.

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