Five reasons to check your credit score

Five reasons to check your credit score

Five reasons to check your credit score

Read on to discover the most important reasons to check your credit score regularly. Having a great score will prove useful in most situations so go ahead and see if it needs improvements.

Discover your buying power

How many times have you been passing by a shop window thinking how nice it would be to buy a new TV set or computer if you only had the money? Or a new wash-machine since your old one barely works anymore? The truth is, most of us find it increasingly hard to save a lump sum of money for a big purchase. If you know the money's there in your account ( or even worse, in your wallet ) the temptations seem to wait around every corner. Those few good with money management may be able to save money up for months, but quite frankly what's the point? Buy it now and start enjoying it while you pay for it month by month. Checking your credit score will give you an idea about your buying power and allow to make some plans about your financial future. Just keep in mind that if abused, your credit capability will turn against you and could potentially drive you into serious debt.

Better to check than get rejected

Have you made a decision to buy a car, home cinema system or something else which seems rather expensive? Well, the chances are you will get rejected during the purchase. It's nothing to be overly worried about as many people are rejected everyday but why waste time and listen to store clerk's "Um, sorry but it's rejected" since you can simply check it now and be prepared? Besides, every time your application is not approved your credit score drops down. Check it and see if your rating needs improvement before heading off to the store.

Will improve only if you know it's bad

If you never checked your score how would you know it needs improvement? Some serious commitments like mortgage or car loan will require a great credit score to get the most out of them. It's never to early to think about it and make sure your score is at least acceptable. In certain instances, credit repair may even take several months and no-one would like to wait that long after deciding on a purchase.

Good to have it just in case' something happens

Life is full of surprises. As the recent credit crunch taught us, there's nothing such as job for life' and those unprepared for periods of unemployment will face significantly more stress and may even find themselves without a roof over their heads. While your employment history and wages play a big part in credit score calculations, a decent rating will guarantee you generous loans even if you're unemployed. It represents how reliable you are in terms of financial commitments and that's what counts for the lenders. It you lose job and your credit score sucks you're on your own.

It's free

The best part is that you don't need to pay anything to have your credit score checked. It's fairly easy to improve your rating without spending any money, but most people ignore that fact and prefer to see it as some kind of financial voodoo. Don't wait until your credit score gets really bad. check it regularly, do what's possible to improve it and secure your financial future.

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