A soft credit check, commonly called a soft query/inquiry is:
✅when you check your own credit score/CIBIL score through reliable websites/apps
✅when an employer or landlord checks your credit score with your permission
These types of soft queries DO NOT affect your credit score!
So... what does affect it?
‼️A hard query or credit check is when you apply for credit such as loans and credit cards, and the lender/bank or credit card company checks your credit score and report, it can temporarily lower your CIBIL score. If you apply for multiple credit cards/loans in a short span of time, this affects your credit score negatively!
Other than a hard query, there are other aspects that can reduce your credit score, including:
⚠️Payment history (things like not paying your bills/EMIs on time)
⚠️Credit utilization ratio (using up all your credit isn’t the best for your score)
⚠️Tenure of credit history (opening new accounts/closing old ones can affect this)
If you are checking your credit score yourself, you can do it how many ever times you wish, it’s good in fact to monitor this and make sure there are no errors in your credit report that are affecting your score negatively! If you find any errors in the report, contact the rating agency and provide the necessary details to rectify the error.
We’d suggest monitoring it once a year, or right before applying for any credit (like a loan or credit cards)!