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Really Knowing Your Credit Score!

May 31, 2018 | By Louis Tully

Do you know what your credit score is? Do you know why it’s important to know? Checking your credit score can be a bit stressful, especially when you know it’s not good, but it’s important to know where you stand. If you ever want to buy a car or a house down the road, you need to start working toward getting your credit in good shape now. Checking your score is easier than ever nowadays. It’s fast and free, so why not check your score right now and see how you rate with the three big credit bureaus?

How to check your score

As previously mentioned, checking your credit score is super easy and will only take a few seconds of your time. Download a reliable credit checking app on your phone, input your information and you have instant access to your score at any time Most apps will allow you to check your score as many times as you want without charging you or causing any damage to your credit.

How a Credit Score is Calculated

Your credit score is graded by a point system that ranges from 300 to 850. A credit score of 550 or below is considered bad while a score of 750 or higher is excellent. Your credit score is calculated based on a number of factors, including your payment history, debt to income ratio, the age of your credit accounts, current balances and overall utilization. To put it simply, if you’re keeping your total credit utilization under 30% of your available balance, consistently making all your payments on time and not opening too many new accounts, your credit should be top-notch.

When to Check Your Score

When’s a good time to check your score? Most people check their credit score at least once a month. This way, you know how your credit is doing throughout the year, making it easier to stay on top of fluctuations and spot problems. If you’re planning on buying a car or a house, you should definitely check your score before walking into a car dealership or a realtor’s office. Having a good credit score is the first step to making any big purchase that’s going to require a loan to finance it.

Keeping your credit score up is partly a matter of checking it routinely so you can maintain and improve it. But what if your credit’s not doing so hot? Another way to get cash now is to use installment loans. Signature loans could help give you financial relief despite your credit score and could even help you improve it in some ways. It’s a way to handle unexpected cash emergencies, but if you need a loan for a vehicle or a mortgage, it is critical that your credit is up to snuff.