Checking Credit reports too much?
Hey I noticed that it said that too many claims to your credit give a sense that you are on a debt binge. If you claim your credit report too many times can this actually lower your score?
Thanks,
Mike
(3) Answers
Guru
Hi Mike,
Great question. You are correct that many credit "inquiries" can concern potential and current lenders. However, only "hard" inquires--those performed by current and potential lenders, under your authorization--count against you in this fashion.
When you "pull" your own credit report, it's considered a "soft", not a hard inquiry. And soft inquiries never hurt you. So, as long as you do it yourself, through a service designed to be used only by you, then check away. :)
Staff
Do credit card companies still make unsolicited inquiries into people's credit histories for the purpose of offering a credit card? Would these be considered soft inquiries?
Guru
Yes Barclay. These "promotional" inquries to which you refer are "soft", causing no damage to your credit.
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