Myth Busted: Checking Your Own CIBIL Score Does NOT Reduce It
This is one of the biggest myths in personal finance. There are two types of credit inquiries:
Soft Inquiry (No Impact)
When YOU check your own score — through CIBIL website, banking apps, or credit monitoring services. This has ZERO impact on your score. Check as often as you want.
Hard Inquiry (Small Impact)
When a BANK or LENDER checks your score while processing your loan application. Each hard inquiry may reduce your score by 5-10 points temporarily. Multiple applications in a short period look desperate and hurt more.
Best Practice
Check your own score monthly for free. Only apply for loans when you actually need them. If comparing rates, do it within a 14-day window — multiple inquiries in 14 days count as one.