Synergy Credit Union - Does checking your credit score too often affect your credit rating?

If you are checking your credit report yourself, by phone or online, it does not affect your credit report.

If a potential lender or creditor pulls your credit profile for the purpose of extending credit, however, it is called a "hard inquiry" and may affect your credit score. Multiple enquiries in a short period of time, like when you are shopping for a mortgage, are grouped together. The actual impact depends on the number of enquiries, time period and other factors. Each hard enquiry will be displayed on your credit profile for a minimum of six years.

If your credit report is generally good, a credit check will have less impact than if your credit report is generally bad. A consumer that is in some sort of financial difficulty may seek credit in an effort to "borrow" himself out of trouble. This will result in a large number of credit checks from different types of lenders on a consistent long-term basis. This activity will be reflected in his credit score as an indication of his financial difficulty.

So if you are concerned about the number of hard inquiries causing a negative impact on your credit report, you may want to apply for new credit in moderation.

Up Next: What can I do to improve my credit score?

Pay your bills on time, reduce your debt, remove inaccuracies and avoid new inquiries for a few months.