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This is How Often You Should Check Your Credit Score

Your Credit Score and the Best Time to Check It

If you’re planning to make a major purchase like buying a car or a house, you’ll want to check your credit score beforehand to be sure there aren’t any discrepancies or outstanding debt that could cause trouble. Even if you’re not making any big purchases and simply want to keep tabs on your score, there’s a right time to do it. Here is some useful information about your credit score and the best time to check it.

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A Good Credit-Checking Schedule

The law states you have the right to look at your credit report once a year. While this free report is full of information from the three credit bureaus, Experian, Equifax, and TransUnion, it doesn’t contain that three-digit number that means so much: your credit score. Financial experts say you should check your credit score once a month. Since most creditors report to the credit bureaus monthly, it really doesn’t pay to do it any more than once every 30 days. Your score could fluctuate up or down as much as 30 points throughout the month, so checking it more often only serves to drive you crazy. If you have credit cards, the best place to check your credit score is with the cards’ associated bank. There are many third-party apps and websites that also allow you to check your credit score for free. CreditKarma.com is one such site that offers your TransUnion credit score for free. Another free credit-score site is Credit.com.

Why You Should Check Your Credit

Your credit score is the number that indicates your creditworthiness. This is important as it impacts how creditors view your ability and willingness to repay a loan. Your credit score also dictates what rates and terms you’ll be eligible for if you qualify for a loan. Beyond just finding out your score, however, it’s a good idea to check your credit periodically to make sure it doesn’t contain any errors. Roughly 20 percent of the population has at least one error on their credit report. Keeping tabs on your credit enables you to address any mistakes quickly so they don’t impact your ability to get credit when you need it. Finally, if you’re planning to make a major purchase like buying a house or a new car, it’s a good idea to check your credit at least two months beforehand. This gives you enough time to dispute any mistakes or to pay off any outstanding debt. When you apply for a loan, be upfront with the lender about the blemishes on your report.

It can be tempting to check your credit score almost as much as you check your Facebook timeline, but doing so won’t really accomplish anything – except maybe to drive you crazy. Check your score once a month and use the time in between to correct any issues so you see the number go up the following month.

Kristel Acre

Phone: 3038452373

Happy to help with any of your Real Estate needs!

Post sponsored by Kristel Acre