Five Reasons Why You Should Know Your Credit Score
Do you know what your credit score is? Here’s five reasons why you should know what your credit score is.
1. Monitor for changes. Unfortunately we live in the day and age of identity theft and fraud. By keeping tabs on your credit score you will be alerted to any discrepancies that should not be there. I was a victim a few years back of debit card fraud and thankfully found out only a few hours after it was done. Since then I’ve been very cautious about monitoring my finances.
2. Set financial goals for yourself and track your progress. Keep tabs on how you are progressing financially and how close (or far) you are from achieving your goals.
3. Some employers do credit checks when you apply for a job. It’s good to know where you stand if you are applying for a new job. I remember having to give consent for a credit check when I was applying for a government job.
4. Know where you stand when you apply for financing. If you are applying for a loan for a new car, Line of Credit, mortgage or even a new credit card, knowing your credit score prior to your appointment will tell you if you are more likely to be approved and possibly even put you in a better position to negotiate a better rate if your score is really spectacular.
5. Check for errors. Mistakes do happen. It’s good to check for discrepancies. One of my friends had a student loan on her credit report that had been paid off for years and it was affecting her score.
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