WHY CHECK YOUR CREDIT SCORE?
September 08, 2015 /276
For most people, their credit scores are an afterthought. It’s not like people will choose to schedule a time every year to glance at whether their scores have gone up or down. In most cases, people will only check their credit score if they are looking to make a large purchase like a house or a car. This isn’t a good thing; in fact, you should check your credit score at least 3 times per year. Here are some of the best reasons why regular credit checkups are a good thing.
Reason #1: It allows you to fully gauge your buying power.
Can you really get a good home loan right now? Can you really get a good car loan? Only checking your credit score will be able to tell you what you can expect. Even if you don’t think you need to get a loan or have a credit score pulled for any reason, things do come up, and it’s something you need to know.
Reason #2: A regular credit score check can get rid of nasty surprises.
If you ever needed a good reason as to why you should check your FICO score, this is it. You would be surprised at how often ID theft happens without people having the slightest clue. It’s usually only after having a significant drop in credit scores and credit histories that people actually take note and check it. If you want to nip identity theft in the bud, you will need to keep on top of credit.
Reason #3: It allows you to see your progress.
There’s something innately satisfying about being able to see your credit score go up. Admit it. There’s something very satisfying about it.
#4: It’s a good financial habit to have.
Believe it or not, a credit score check can help you better gauge how well you’ve been doing at keeping yourself financially healthy, simply because you will need to have some decent financial habits to get a good score. Many might even go so far as to consider it a finance report card.
#5: You may discover that you’ve reached a credit score that offers much better perks than what you’re getting now.
Back in the day, you may have been squeaking by with a 550 credit score. That doesn’t have to mean that you have to stay in the same finance rut now – especially if your score is over 700. Checking your credit score may lead to finding better credit cards, a better way to refinance your home, and a better way to refinance your car. You never know what you qualify for without knowing your credit score first.
There’s often a bit of concern that checking your credit score will damage it, but this doesn’t have to be true. If you go through the right routes, you can find out your credit score sooner rather than later, and also keep it totally intact. Of course, if you want to improve it before you peek at it, you may need the aid of a professional – and that’s what we’re here for.
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