Every time a creditor runs a report on your credit to review an application, your score goes down a bit. Not all inquiries lower your credit score. Checking your own credit history does not count against you and is advised because it can help you fix any weak spots in your financial management.
Inquiries
Checking your own credit score won't hurt your score, according to Liz Weston of MSN Money Central. The credit agencies consider looking at your credit report a soft inquiry. Soft inquiries do not involve seeking a line of credit. Other types of soft inquiries include employment background checks and checks by utility companies.
Misconception
Third-party credit monitoring services also do not count against you, according to Experian. The major credit rating agencies consider pulls by a monitoring service a soft inquiry. Lenders will never see soft pulls by either you or a third-party service.
Tip
If you do apply for credit, the BCS Alliance suggests sending in all applications within the same week. As of 2010, the FICO scoring model counts all inquiries for the same type of loan as a single inquiry within a 14-day period.
Warning
Pre-approved credit offers you receive in the mail use a soft inquiry into your credit history and do hurt your score, according to the Privacy Rights Clearinghouse. If you accept a pre-approved offer, the credit inquiry will count against you if the creditor investigates you further. Keep in mind that even a hard inquiry only dings your score slightly---no more than five points for a lone inquiry.
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