Happy Money can affect your credit score in both good and bad ways.
Checking your rate with Happy Money won’t affect your credit because the company only runs a soft credit inquiry at this stage. However, if you apply and are approved for a loan, Happy Money will conduct a hard credit check, which can impact your credit score.
Once you have your loan, Happy Money reports your payments to the three main credit bureaus (Experian, Equifax and TransUnion). This can be positive or negative.
Paying on time usually has a positive impact on your credit score. Happy Money borrowers who paid off at least $5,000 of credit card debt saw their credit scores increase by an average of 40 points within four months of getting a Payoff Loan. However, missing payments on your loan could negatively impact your credit score.