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From the moment you establish credit, it can be a bit of an uphill battle maintaining a credit score within a decent range.
But what makes this so important; why should we care about our credit scores?
These triple digit identifiers are what clue third parties into your credit history.
In virtually any major purchase or loan application, you can expect your credit to be checked. This, along with several other factors, can temporarily lower your score. This can add a ton of complications to any future major financial decisions. That’s why Newton Federal has arranged a comprehensive guide to managing your credit. Read on to learn more.
300-
0
Making Sense Of Your Score
The first step to understanding is knowing what your score means. “Do I have a good score?”
The model by which lenders judge your score follows a scale starting at 300 and ending at 850. The latter is the most favorable score you can attain, while the former is the least. While it may seem restrictive from the onset, it is a legitimate way for lenders to establish a clear read on your financial habits.
That’s why it’s better to get ahead of things as much as possible.
Keep your score intact, so that you can reap the several benefits therein. One of the greatest benefits to having a solid score is a higher chance of lower interest rates. It could mean the difference between single and double digit interest rates on a big purchase.
Check
Your Score
Regularly
A great tip for staying on top of your score is to always check it.
This doesn’t only help you when eyeing purchases. It’s also a great way to spot any inconsistencies on what’s being reported of your credit. Any erroneous reflections could be a sign of faulty reporting, or even worse, theft.
Checking your score is easy, and takes almost no time to do. Visit any one of the top three relevant bureaus to see an updated record:
- Experian
- Transunion
- Equifax
To request official documentation, visit www.annualcreditreport.com. If doing so, know that you can only request one per agency every year. Some get each at the same time, while others choose to request from a different agency quarterly. There’s no one right way to do it, but rather base your decision on what works best for your circumstances.
Newton Federal for Your Banking Needs
This brings our latest entry to a close. As always, thank you for visiting Newton Federal. Have specific banking needs advertised here? Don't hesitate to reach out to us via our contact page. One of our lenders will gladly guide you to the most pertinent information for your needs.
