* Your credit affects every financial decision you’ll ever make
* The first step toward managing your finances is knowing your credit score
* Take advantage of your free credit report today
From your car payment to your credit card interest rate, home mortgage and even your ability to get a job, your credit score has a direct impact on every financial decision you’ll ever make. That’s why it’s so important to know your score. Sure, it can be scary, but it’ll pay off in the long run. Here’s why it’s so important to know your score.
1. Helps You Improve Your Credit
As Mark Twain once said, “The secret to getting ahead is starting now.” No matter how worried you are about your credit, the only thing that’ll make it better is to know where you stand. That way you’ll have a better idea of your credit worthiness and therefore what types of loans to expect.
2. Shows You How to Get Better Interest Rates on Loans
Sick of paying top dollar on all your bloated interest rates? Your credit score determines your credit worthiness, i.e. how much of a risk you are for lenders. Better credit equals lower interest rates, and the only way to improve your credit is to see where you stand.
3. Makes It Easier to Earn Better Rewards
You may not realize it, but some of the best credit cards are only available to people with good credit. Working on your credit score could not only help you find better deals on your car or home loan, it could also lead to better credit card offers with more rewards.
4. It’s Completely Free
Did we mention it’s free? With CreditCards.com, you’re able to check your score, monitor your credit and even track your progress all with their easy-to-use service. You can also set up automatic alerts to let you know when your score has changed. Best of all, it only takes a few seconds to set up and it’s safe and secure to use.
5. It Could Help You Land Your Next Job
While it’s not guaranteed your employer will run a credit check before offering you a job, it never hurts to have good credit just in case. You shouldn’t have to miss out on a great opportunity just because your credit score has a few failing marks.
6. Makes It Easier to Spot Identity Theft
When you check your score, make sure you take the time to adequately look over your charges. It may seem tedious but it’s highly encouraged. Look over the charges you made the past year; if you see anything that looks suspicious, now’s the time to report it.
7. Lets You Check Your Joint Accounts
Do you or have you had any joint checking or savings accounts with other people? You might not realize it, but their bad financial habits could be affecting your credit. The only way to know for sure is to check your score.
8. Gives You More Bargaining Power to Refinance
Knowing your credit score ahead of time will make it easier when it comes time to refinance. Take your time and do some research regarding your particular credit score and what interest rates to expect. Knowing your score before talking with a lender will also help you be better prepared as you’ll already have an idea of what to expect.
9. It Helps You See Where the Bulk of Your Money Is Going
It happens to all of us: we take the time to create a detailed, drawn-out budget, focusing on everything from monthly bills to daily expenditures and more. We tell ourselves we’re going to follow this guide, only we rarely do. That’s why seeing a comprehensive look at your credit purchases and where the bulk of your money is going makes it all the more easier to plan for the future.
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