Does running credit checks affect your credit score and if so , why?

just want to grasp this as it might pay later.

Best Answer:

catalyist: If you run your own credit check on your own file, it's called a soft inquiry. No effect on your profile.

Anytime you apply for a line of credit, it generates a hard inquiry. Your score takes a hit whether you are approved or not.

You no doubt have received mailers stating you're pre-approved (without you actually applying for any loans). These are also soft inquiries that have no effect on your credit score.

Other answer:

If you are checking your credit score, that has no impact.

If you're a business checking out possible people in your neighborhood to offer accounts to, that's called a "soft inquiry" and it has no impact.

If you've applied for a credit card, a loan, or a mortgage, and the bank or business checks your credit report to see if you pay your debts, that's called a "hard inquiry" and it temporarily reduces your credit score by a bit.

Re Vera:
If they're for your own credit monitoring, no. Those are "soft inquiries" that don't affect anything. But if you're applying for loans and they're pulling your credit, then yes. Every single one will drop your credit score.
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Yes, because it shows you are desperate or impatient.

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