Know Your Credit Score When Applying for Loans or Credit Cards!

We always hear about the importance of checking our credit report for discrepancies. We should also know our credit score and we know that a higher score is better. This really is important because when we apply for loans or credit cards, those companies look at our credit reports and scores to decide whether or not to lend money to us and what interest rate to charge. Knowing your credit score could help you to make better financial decisions and make it easier to negotiate with creditors! To get started you can search online to find a company that offers a free credit score.  I did this about a month ago and was amazed at my credit score!  It was better than I thought it was - since my husband was out of work for most of last year.  We really struggled to make all of our payment on time.  Now that I am armed with my credit score, I can call up my creditors and ask for a reduction in my interest rate!

At many online credit monitoring companies, you can look your report from all three credit bureaus.   This is important because different companies use different credit bureaus to look up your credit report. These three bureaus may have different information and those extra points on your credit score could affect your loan decision.  It is important for you to view each one to look for any errors, or even worse - identity theft. 

Keeping up with your credit report and credit score can really save you money in the long run.  When you are aware of your score, you can make strides to make it higher.  You will receive a better interest rate on your home loan, car loans and credit cards, when you are responsible with your credit.  Find out what your credit score is and what may be lurking on your credit report today!