Checking your credit score may or may not lower your score. So, how to check my credit score without hurting it? Consider the six options presented below by Hanfincal if you are looking for a convenient and suitable method. Do not pass it up.
1. What is a credit score?
A credit score is a numerical representation of a person’s creditworthiness. Higher credit scores are associated with greater creditworthiness. This also means you are an appealing borrower to potential lenders. Credit scores are calculated using a variety of personal financial information. These are some examples:
- Payment history (35%): Make sure you pay your bills on time every month because your payment history accounts for 35% of your FICO score.
- Credit utilization (30%): Try to keep your credit utilization under 30% on all your accounts.
- Credit history length (15%): To maximize your credit history, avoid closing your oldest credit accounts.
- Account inquiries (10%): Only apply for credit that you truly require.
- Credit types (10%): It’s a good idea to have a diverse mix of credit types to demonstrate that you can be responsible for all types of credit.
2. How to check my credit score without hurting it?
Only a personal check (soft inquiry) doesn’t affect your credit score. So, here are 6 ways to check your credit score without lowering it:
2.1. Check credit score without lowering it through free websites
Most financial institutions have their own websites or online tools to boost their user experience and save customers time in this digital age. Thanks to that, one of the ways to check your credit score without lowering your current score is to use the free website from your financial institution. This is also the most effective method so far.
These websites usually provide access to your credit report, score, or credit monitoring and are updated weekly to monthly. Signing up for basic credit score updates is free. On the other hand, some websites charge a monthly fee for more advanced services.
2.2. Get a free credit score from a free annual credit report
A free annual credit report is another way to check your credit score without hurting it. The first step you ought to take is to request a free annual credit report. You are entirely free to do this, and you will receive your report from one of the three credit bureaus once a year. Furthermore, you can order your report from the Federal Trade Commission (FTC) by visiting AnnualCreditReport.com, sending an Annual Credit Report Request Form to Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281, or call 1-877-322-8228.
2.3. Use your credit card provider
Before taking any action, request that your function and authority check your credit score with your credit card provider to ensure that it is safe for your score. It is always prudent to be cautious and ensure no misunderstanding between you and your card provider.
Many credit card companies also allow cardholders to check their credit scores for free. These tools frequently include viewing your score history and determining what caused recent changes. Some providers also allow customers to predict how their credit scores will react to credit limit increases, on-time payments, and taking out a mortgage.
However, most providers require cardholders to opt-in to this service, so make sure you sign up if you want to see your score.
2.4. Talk to your lender
To ensure that this method works with your current financial institution and lender, all of the information you require is clear. However, in some cases, your bank may be able to provide you with this information. Your lender will decide whether or not to provide you with your credit score. For the remaining situations, many lenders provide this as a free service.
2.5 Buy a credit report
While credit bureaus will provide a free credit report once a year, checking your credit score once a year may appear risky, and you will not respond right time if any errors affect your credit. In addition to a free credit report, you can pay credit bureaus to pull your report if you’ve out of your free ones or want to check again.
2.6. Check credit score free after an adverse action notice
You have a legal right to a free credit report. The FTC states that you can obtain a free credit report within 60 days of receiving an adverse action notice. You can also get one if you’re unemployed and plan to look for work within the next 60 days, on welfare, if your report is inaccurate due to fraud or identity theft, or if you have a fraud alert on your file.
These are the six options for answering the question, “How to check my credit score without hurting it?” Hanfincal believes that you should carefully select the most appropriate and convenient method for you. However, please note that you should never provide a credit card number when using these ways. It is not necessary to do so.
==> Read More: