Credit history check Michigan

So, “does a credit check lower your credit score?” Well, like all things in the credit score realm, it depends.  Sigh There are a number of different reasons to run a credit check, and thus the confusion. Let’s knock out the easy ones first.  If you’re simply checking your own credit, via a free credit report website or credit history check Michigan via the FTC’s free credit report, your credit score will not go down. These consumer credit reports allow you to see what’s up with your credit history, but pose no harm to you because you’re not actually seeking new credit, at least not right then and there. Think about it, why would you be penalized just for checking your own credit report or score(s)?  That wouldn’t make any sense. Related to that, you have a right to order a free credit report every 12 months from each of the three major credit bureaus (get a free credit report without a credit card).

When you order one of these free credit reports, it actually breaks up your credit inquiries into two buckets. These inquiries are the ones that you initiated, typically in order to get some kind of credit, such as a credit card, auto loan/lease, mortgage, cell phone, etc.  They appear on your credit report and are visible to other prospective creditors and employers if and when they pull your credit report. annual free credit report by law Put simply, theyre visible because they affect your credit in one way or another. Inquiries credit history check Michigan Shared Only With You The other section youll see is the inquiries that do not hurt your credit, but are visible for you only as a record of activities. For example, if you sign up for Credit Sesame, a free credit score service, inquiries will show up on your credit report each month but wont count against you in any way.

It credit history check Michigan should even say explicitly on the report that the following inquiries do credit history check Michigan not affect your credit score.  Theyre just there to let you know that a company is pulling your records. Now suppose you already have a credit card open with a company and they want to keep tabs on you. 3 credit report

If they do a credit check just to see how things are going in your life, it won’t lower your credit score. The same is true of companies researching your credit profile and subsequently sending you so-called pre-approved or pre-screened credit history check Michigan offers; it wont hurt your credit score. In all these instances, you did nothing to prompt the credit check, so you won’t be penalized in any way. If you apply for a job and your potential employer orders a credit report, it won’t lower your credit score because no new credit is at stake. They simply want to check out your financial background, so again, it wont affect your credit score. Examples include applying for any type of loan, a new credit card, or an increased credit line with an existing card or loan. These are the only instances when a credit check will lower your credit score, as new credit or inquiries for new credit credit history check Michigan pose new risks, regardless of how great credit history check Michigan of a borrower you’ve proven to be in the past. Of course, the stronger your credit profile, the less impact these, dare I say, harmful credit checks will have on credit history check Michigan your credit score. report credit fraud As a rule of thumb, the more credit inquiries you have in a short period of credit history check Michigan time, the more your score will drop, so exercise moderation. ***You can get all 3 of your credit scores instantly for free via two-week trial to see where you stand, without lowering or hurting your credit score!