Let’s face it nobody is perfect. Keeping an eye on your credit score is a good idea for many reasons. You need to monitor your credit score from time to time, because sometimes we are not aware of things that could be hurting it, for instance, you might think that you are paying your house payment on time and check your score and find that the 2 or 3 times you paid late last year has lowered your score. Having high amounts of debt on credit cards can make you a risk to a loan company, but, many people do not check their rating and just go on through the years racking up bills only to pay the minimum on their credit cards every month.
You will want to monitor your score because sometimes the credit bureau might not be recording when you pay off a debt, and that can make it look to loan companies that you still have a debt that you have finished paying on. You need to check and see what is bringing your score down if anything, so that you can work on building it back up. You will want to always keep track of your credit score,because, if there are any problems it might hurt you when you go to take out a loan on a car, or a major purchase like a house. In these two situations you are going to want to have the highest score possible when you speak with a loan officer.
There is nothing worse than thinking your credit is good and then being turned down for a loan. You will be advised as to how to get your credit back on track, but, it will take time and you might not be able to get a loan. Knowing your score, will help you make sure all your old debts are paid in full and keep your credit score high for those times when you need it.
Last, but, not least, you should always know what your score is because if you keep your head in the sand and don’t monitor it you could be getting yourself into financial trouble. People that care enough to stay on top of things and fix any problems they have will come out on top.
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