It is important that you guard your credit score as much as you guard your social security. If you are not paying enough attention to it, then it is time you restructure your overall financial strategy.
Credit Score: How It Affect Everything:
Did you know that you are entitled to one free copy of your credit report from each of the three credit bureaus (Experian, Equifax, and TransUnion) annually?
Good Credit Score – Good Life!
Having a low credit score affects more than just your financial health. Learn how good credit positively impacts your finances — and life.
You Get Better Loan Rates
Lenders prefer borrowers with high scores because they have a lower risk of default. Most scores range from 600 to 750, according to Experian. Scores above 700 typically indicate good credit management.
You Save Money in Several Ways
A good score makes managing your finances easier and cheaper. You are likely to get lower interest rates as well as better offers from creditors. Therefore, having a decent score makes life more comfortable.
Making sure you check your credit score at least once every quarter ensures the good health of your score. However, remember you will not see the same score from each of the three bureaus. This is because of many financial institutions not reporting to all three bureaus.
Reviewing Your Score Helps Uncover Credit Fraud
It is safe to be on top of your score to spot activity that isn’t yours faster. You can report fraudulent activity and have it removed from your card sooner to avoid long-term damage. It is important that you keep a close eye on your records in the process of eliminating credit card debt.
You Qualify for Better Rewards Credit Cards
Being on top of your credit and maintaining a positive score helps you qualify for the best rewards credit cards. Banks usually check your credit score as part of the application process. Better the score better the perks! However, if you have a weaker score you still have the option of opening up a secured credit card to build and strengthen your credit. However, make sure you are not drowning in debt with all these possibilities of getting better credit cards.
If you are wondering how to become debt free speak with a certified credit counselor at ACCC today! (Phone: 800-769-3571)