A credit score is valuable for a variety of causes one of the reasons is that a credit score is one of the criteria that lenders take into account when determining whether to approve you for a loan or credit card, it may have an impact on your ability to obtain credit. Your chances of being authorized can go up if your credit score is good, while they can go down if it is low. Better terms, such as cheaper interest rates and fees on loans and credit cards, can be obtained with a good credit score. A low credit score may lead to increased interest rates and fees, which may increase the cost of borrowing.

There are several things that will not hurt your credit score:

1. Checking your own credit score: Yes, checking your own credit score, also known as a “soft pull,” will not hurt your credit score. A soft pull is a type of credit inquiry that does not affect your credit score. Soft pulls are usually done when you check your own credit score or when a company checks your credit score for purposes such as pre-approving you for a credit card or loan. Soft pulls do not show up on your credit report and are not visible to other lenders. It’s important to check your credit score periodically to make sure that the information on your credit report is accurate and up-to-date. Checking your credit score can also help you identify any potential issues or mistakes that may be affecting your credit.
2. Not using credit: Not using credit will not hurt your credit score, but it may actually hurt your credit score if you have no credit history at all. Credit scores are based on credit history, so if you have no credit history, there is nothing for the credit bureau to use to calculate your credit score.
3. Paying bills on time: Paying your bills on time will not hurt your credit score. Paying your bills on time is one of the most important factors that go into calculating your credit score. Late payments and missed payments can have a negative impact on your credit score. On the other hand, paying your bills on time consistently can help improve your credit score.
4. Closing a credit card account: Closing a credit card account will not hurt your credit score as long as you do not have a balance on the account and you have a good credit history with the account. However, closing a credit card account can potentially hurt your credit score if it reduces your overall available credit, which can result in a higher credit utilization ratio.
5. Disputing errors on your credit report: Disputing errors on your credit report will not hurt your credit score as long as you do it through the proper channels. If you find errors on your credit report, you can dispute them with the credit bureau that is reporting the error. The credit bureau will then investigate the dispute and, if they find that the information on your credit report is incorrect, they will remove it.

Read More: Does Canceling Credit Cards Affect Your Credit Score

Bottom line:

Overall, a credit score is an important factor in your financial life, and it’s important to work to maintain a good credit score by paying your bills on time and using credit responsibly.