Credit Score

Quicken Loans

Credit scores can be a point of pride or a skeleton to hide in the closet depending on your personal score. Knowing your score is important, but figuring out how to actually get it has proven to be challenging for many.

Reasons You Should Know Your Credit Score

Credit is a significant factor when it comes to loan applications like a car or mortgage loan.

If your credit score is too low, you might not qualify for a loan and be out of luck when it comes to a major purchase you’re preparing to make.

Knowing your credit score in advance will help you to adjust accordingly.

How To Get Your Score For Free

It’s a little-known-fact that credit reporting companies like Equifax, TransUnion, and Experian are actually obligated to provide consumers with a free credit report every 12 months upon request. You can request it directly or use a free service like Annual Credit Report.

If you’ve already used your once-a-year check, you can also inquire to your credit card company. Many companies are actually including their client’s credit scores on their monthly statements these days.

If you ever find yourself denied credit due to something on your report, you can request a free report from the credit reporting companies since it has caused you an “adverse effect”.

Ways To Boost Your Credit Score

Credit scores are formulated using a number of different factors, but there are several key ones that you can manage better.

Try not to carry a balance on your credit cards, but if you do have to, make the minimum payments and always make them on time.

Too many open lines of credit can negatively impact your score, as can erratic opening and closing of accounts or frequent inquiries.

Don’t let your credit score become a burden or an embarrassing secret! Find out what it is by using these helpful tips.