Why Bother? After all 6 in 10 Americans don’t know their credit score.

Your credit score may seem like a fairy tale number with no real impact but for the 4 in 10 who know, a higher credit score can:

  1. Lower interest rates (car, mortgage, credit card, etc.)

Did you know that the difference of ~1% of interest on a 30 year mortgage could save you tens of thousands?

  1. Approve higher credit limits

With a higher credit limit (assuming you spend the same amount) you decrease your credit utilization ratio (that handy how much you spend to how much you have on your credit limit). This ratio has a big impact as it’s nearly 30% of a FICO score calculation.

  1. Approve rental applications

Your credit score is used as a proxy to screen potential tenants as it signals to a landlord your ability to pay rent. 

  1. Get you better rewards

All those cash back, travel point, etc. rewards cards require an excellent credit score and often come with pretty nice sign-up bonuses – double whammy.

That’s a whole lot of $s and convenience from one little number. If you’re unsure of your score check out these free resources:

Add. Sources:

Cover Source: https://www.stillmanbank.com/wp-content/uploads/2017/01/photodune-3575974

4 thoughts on “Accuracy Counts: Free Ways to Check Your Credit Score”

  1. Capital one has a credit tracker with some of its cards. I’m not sure if other companies do this and no clue how accurate it is. But it’s probably close enough to at least give me a decent idea. If people have a credit card and don’t utilize all the services, they aren’t getting full value.

  2. Many companies now check credit reports in the hiring process, mostly for financial service or management positions that require some responsibility over money.
    I don’t buy it when people say to completely avoid debt altogether and not worry about your credit score-it’s incredibly important!

    1. This is very true – your credit score can impact more than just your finances so it’s very important to stay updated on your score and learn all the ways you can help improve it.

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