What makes your credit rating go down

However, if you want a certain version from a particular credit bureau, you may have to pay. Checking your own credit doesn't affect it. But your score could go down if someone else checks it.

That would happen if you applied for a loan, credit card or perhaps an apartment. FICO says for most people, it's about five points for a so-called "hard inquiry. Keep these items in mind when you check your credit score:.

There are many kinds of credit scores, often with several versions. When you monitor your credit score, be sure to use the same credit score and the same version of it each time. Credit scoring models measure mostly the same things, but they may weight them differently and may use different scales.

You have several ways to get your score for free. They may come with a credit card or you can get a free credit score from NerdWallet, which updates weekly. In an age where data breaches and identity theft are common, checking your score regularly is just good credit hygiene. When does checking my credit score lower it?

Keep up with your credit score. Why checking your credit is smart. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team. The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters. Advertiser Disclosure We do receive compensation from some partners whose offers appear on this page.

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Loans Top Picks. Thinking about taking out a loan? Knowledge Knowledge Section. Recent Articles. The Ascent Knowledge Banking. Image source: Getty Images. If your credit score took a dive, we're going to show you how to bring it back up. So you've just had the unpleasant experience of seeing that your credit score dropped. These savings accounts are FDIC insured and can earn you 8x your bank Many people are missing out on guaranteed returns as their money languishes in a big bank savings account earning next to no interest.

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Credit score. Kyle Morgan. Updated Mar 12, Learn more about how we fact check. Navigate Credit Score In this guide. Monitor your credit score My credit score dropped for no reason, why?

Why did my credit score go up? How often is my credit score updated? What do lenders report to the credit bureaus? How to keep an eye on credit score fluctuations Bottom line Start comparing. Credit Score Guides. Get your score. Get your credit report Free annual credit report. Benefits of good credit. Payment history. Good vs. Reasons your score changed. Protect your credit.

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