Whenever you have decided to apply for a loan, the first thing you must take into account is your credit score. Moreover, a few credit checks can affect your financial record adversely. Getting to know about the credit score plays a key role. In addition, if you are stuck with how to check your credit score without lowering it then you are reading the right blog post.
The Effects of Soft Inquiries and Hard Inquiries
If you are new to checking credit scores then you must know that there is more than one type of credit inquiry. This can be followed if the need is to crack the answer for how to check my credit score without lowering it. There’s no need to work hard for recreating the credit scores from it that have been dropped.
Hard Credit Inquiries
The hard credit inquiry also refers to hard pull is the kind of credit check that takes place when the credit card company or lender verifies the credit when they are lending you a loan.
Illustration of this will involve:
- Auto title loans
- Mortgage loan
- Credit Cards
- Payday Loans
- Pawn Loans
If you have the desire to know the credit ratings then you must allow the lenders to follow the process.
The hard credit inquiry will drop your credit score by a few points every time the check takes place. In addition, there can be an irreversible effect on your ratings and the damage caused won’t stay longer on your report.
This won’t be a great idea to apply for new loans within a short time duration. Also, the effects will add up and the credit ratings won’t be the same any longer. This can make potential lenders and credit card providers think that you are not a reliable client.
Soft Credit Inquiries
The soft credit check refers to soft pull and is the type of credit check that takes place when a person or company follows the check of the credit as part of the background check.
An example of this credit check is when the potential employer verifies the credit before they decide to hire you or when you want to check whether it is a good or bad credit score.
The soft inquiries do not have any effect on the credit score. Also, they are visible to you on your annual credit report when you check it as you are not working to get a new credit score.
The Best Ways to Find Out Your Credit Score
There are a few ways for knowing about credit scores.
- Using the online credit website: Any person can visit the official website of Experian credit score for getting a free analysis of the credit. It is a safe online site offering secure encryption that is better than a bank. They let you keep a close eye on the score at regular intervals. You will be given access to view the score when it gets updated. The free-of-cost credit report card will allow you to maintain the ratings. Also, you will get to know about the different loan schemes and credit cards alongside the financial productivity tips.
- Applying for the credit score service: A lot of credit score service allows you to check your credit ratings. In addition, one must be attentive to these as some of them can charge you a high fee or need to sign up for a paid subscription for credit monitoring services.
- Purchasing the credit scores: In case you can spend a few bucks for getting a credit score then you will get the option to buy credit scores from credit bureaus. After following this, you won’t have to go through theft monitoring services or credit analysis.
- Talking with the credit card organization: The credit card organization will offer access to credit scores either through an online account or monthly statements. This cannot be the best reason for signing up with a specific credit card organization.
- Order a Free Annual Report: At last, you have the choice to order the free credit report from the leading credit bureaus such as Equifax, Transunion, and Experian. You will get a free-of-cost credit report annually by requesting it. This will help you to maintain your credit ratings and make your financial record better.