Rule 1# Know Thy Credit Score
$15 could save you A LOT of money…Many people wait until making a large purchase before checking their credit score. This can be a costly decision when you are ready to purchase since to a lender your name is only as good as your credit score. If you are planning on purchasing a home any time in the future it is a good idea to know where your score is at. Your score can always be improved, but some times you will find that there are issues that you didn’t know about that you can fix rather easily.
I had a client a few years ago that while applying for a loan found that there was a small $12 dentist bill that she thought was paid years before. The credit report revealed that it wasn’t ever paid. Because of this discrepancy, it lowered her score by around 50 points! After addressing the issue she was able to raise her score and therefore get a better interest rate on her loan which saved her hundreds of dollars over the life of her loan!
Here are a few sites where you can pull your credit score….
- FreeTripleCreditScore.com
- FreeCreditReport.com
- myfico.com
Make sure that whoever pulls your credit score shows you your scores from all three credit agencies… Experian, Transuniun, and Equifax since it is the average of these 3 scores that count.
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