When lenders pull your credit, they look at both the information on your report and your FICO® Score. This helps them get an idea of your credit record, which impacts not only whether you’re approved, but also the types of rates and terms you can get.

Why is my credit score lower when the Bank pull it?

If those reports differ, a credit score based on one report may not be identical to a score based on another. Another reason the scores differ might be because there’s more than one credit scoring model, and there’s no guarantee the one you’re using to check your own credit is the same one your lender relies on.

How much does your credit score go down for a credit check?

According to FICO, a hard inquiry from a lender will decrease your credit score five points or less. If you have a strong credit history and no other credit issues, you may find that your scores drop even less than that. The drop is temporary.

Which credit score do lenders look at?

FICO Score
For the majority of general lending decisions, such as personal loans and credit cards, lenders use your FICO Score. Your FICO Score is calculated by the data analytics company Fair Isaac Corporation, and it’s based on data from your credit reports. VantageScore, another scoring model, is a well-known alternative.

Is it bad to check your credit score?

Highlights: Checking your credit reports or credit scores will not impact credit scores. Regularly checking your credit reports and credit scores is a good way to ensure information is accurate. Hard inquiries in response to a credit application do impact credit scores.

How does credit report affect your credit score?

They may also differ in how they see your information – for example, a certain record on your report could look negative to some companies, and positive to others, depending on what they’re looking for in a customer. So, your score will probably vary between the different credit reference agencies and companies.

Why is it important to check your credit report?

In fact, regularly checking your credit reports and credit scores is an important way to ensure your personal and account information is correct, and may help detect signs of potential identity theft. When you request a copy of your credit report or check credit scores, that’s known as a “soft” inquiry.

How can I tell if a hard inquiry is affecting my credit?

You only know if inquiries are impacting your credit if you’re tracking your report and score. Check your credit regularly to understand where you stand and whether there are any potential mistakes bringing your score down. You can check your score with Credit.com’s free Credit Report Card or get many versions of your FICO ® Score with ExtraCredit.