Do you know your credit score? When is the last time you checked it?
If you are like me you check your account balance constantly. I check my account balance while walking in the bank to make a withdrawal or entering the grocery store to make a purchase. I want to make sure that I have enough to cover my transaction and know how much I will be able to work with. We all know how embarrassing it can be to be at the front of the line and your card is declined. We all have been there for whatever reason.
Credit scores are used for just about everything we do in this day and age. From job offers to insurance premiums, having a high credit score can make your life a lot easier and also help you keep your coins in your pocket. We all know I’m all about keeping your coins. Be sure to check your credit because everybody else will be checking it. You should to!
annual credit report website.The first step is getting a copy of your credit report which you can do at www.annualcreditreport.com
You are entitled to one free copy a year from each credit bureau. Use it wisely. First step is to simply view your report to identify any inaccuracies. This is important to your credit so that only your accounts end up there. This can also affect your score. Inaccurate debt, as well as, information can negatively affect your score and which is absolutely not worth it. You already have to suffer for the mistakes you made don’t let someone else’s mistakes be a part of your credit history. Updating your information can be very helpful as a first step to letting your credit be all it can be.
There are many free apps that help you keep a good eye on your credit. The important thing to remember is that some apps your vantage score which is not the same as your FICO score. According to Wikipedia “VantageScore and FICO score are different credit scores. The FICO score is between 300 and 850. This score is mostly likely used when applying for credit or a mortgage. Each score maybe different depending on the credit bureau. The Vantage score is a credit scoring model used by many credit monitoring services such as Credit Karma and Credit Sesame. The Discover credit monitoring service does offer your FICO score and you do not need to be a cardholder. One thing is for sure they are
really good about notifying you whenever there is a change in your score or a new account added. Many banks also offer this service. Capital One 360 has a similar service offered to customers. Many credit card companies offer them as well. There are plenty of resources available to take the chore out of checking your credit.
At one point in my life I did not check my credit faithfully. I now consider it a part of grooming. Check your credit every time you get paid at least. Set reminders in your phone until it becomes a habit. Take care of your credit the same way you take care of your hair. Make sure that you also keep teach your children the fundamentals of credit to prepare them for the future. If you are not credit savvy yourself use it as a bonding exercise and learn together. One of the many things I did to teach my daughter about credit was to allow her to borrow money when her allowance ran out. I would assign her a due date and chare interest daily after the due date until her balance was paid in full.
I like this exercise because it taught her how expensive it was to borrow and how more expensive it becomes to delay repayment. This helped drill the concept of credit and interest in her head early on and provided me the opportunity to help with any bumps in the road. I don’t know about you but I would rather her experience credit woes with me as her lender before dealing with the big banks. Many children don’t want to listen to lectures. Interactive activities were more effective with my daughter and when she is bombarded with credit card offers in two years she will be well educated and know how to use them wisely.
Along with this method I enforced her to check her balance with me to make sure she was aware of how the interest was creeping up on her. While we would all love for our children to not have to borrow, credit is important and
Tell us some of the ways you remind yourself to check your credit.