Your Credit Score

does it matter if you know your score?

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Dadummy

Joined: 15 Nov 2007
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Subject: does it matter if you know your score?

Mon Jan 07, 2008 9:36 pm

does it matter if you know your credit score or not?
whats the differance if you know or not.

Dadummy

Joined: 15 Nov 2007
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Subject: credit score

Mon Jan 07, 2008 9:36 pm

how important is it

Laura

Joined: 21 Jun 2007
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Tue Jan 08, 2008 9:09 am

Knowing the score is very important otherwise the bureaus would not have calculated the same. We need to know the score in order to keep our financial life straight. The rating and scores matter when it comes to taking any financial decision, loans, instances etc..
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Laura.

erb1953

Joined: 31 Dec 2007
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Wed Jan 16, 2008 11:16 pm

Knowing your credit score is very important, it is also good to monitor your credit report for other problems. I have read so much about identity theft and how thieves are getting all the information from your trash and other places that you leave mail laying around. It is always good to shred these offers if you are not going to apply for them. If you don't someone will use them on your behalf, run the cards up and leave you with the bill and a big hit on your credit report.

There are many reasons to keep an eye on your report.

August

Joined: 09 Jan 2008
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Thu Feb 07, 2008 10:52 pm

Knowing your credit score is really important, It affects alot of areas of your life, from employment to purchasing items on credit.

Morningstar

Joined: 17 Apr 2007
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Fri Feb 08, 2008 6:03 am

Knowing your score? I disagree, I think it is only useful prior to large purchases, such as a car or house. It is not necessary to know your score every day, or even on a monthly basis. As far as employment goes, it's not the score persay, but the contents of the credit report that will do you in...high debt/income ratio, or lots of chargeoffs will do you in (not sure if BK affects bonding requirements). Creditors look at a number of factors when handing out credit, and the FICO you get may be a factor, but FairIssac Co. has a number of different scoring algorythms used by creditors--these are not available to the general public.
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Fasfeed

Joined: 06 Feb 2008
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Tue Feb 12, 2008 1:43 am

After you pull your score and know how the system works you pretty much know months later wether your score has some what increased are dropped by your payment history and how well you kept down balances, so I dont see it useful to pull it everyday.

goodnatured

Joined: 03 Nov 2007
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Wed Feb 20, 2008 2:18 am

oh no, you would definately not pull this everyday, I try to do mine at six months to a year. I think this is enough to determine any change.

Laura

Joined: 21 Jun 2007
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Wed Feb 20, 2008 7:08 am

I am saying it in another way. Knowing your credit score is important

Quote:

The rating and scores matter when it comes to taking any financial decision, loans, instances etc.

I agree with mrnstar that scores come to importance when we actually go for some financial dealing. Not that we have to know it on a daily basis.
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Laura.

diem

Joined: 20 Feb 2008
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Wed Feb 20, 2008 10:47 pm

It's nice to know where to stand. I wish this board had a Credit Pulls section. You can base what you will and wont get approved for based on your score; your fico score, not your fako. You can usually find discount codes to Myfico.com to get your real score from time to time. It's the place you should be pulling your scores from.

charles.armbruster

Joined: 14 Mar 2008
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Location: Mesa, AZ

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Tue Mar 18, 2008 6:32 pm

Your credit score is a reflection of your credit usage -- if you use credit, and wisely pay each tradeline on time, you likely have better scores than someone who does not. If you have installment debt (like a car), your score is likely higher; if you have a real estate debt (like a mortgage), likewise your scores may be higher. www.myFICO.com is one of many sources to research -- they describe in detail the components of your 'credit pie'.

Certainly, knowing your score is worthless -- only creditors are concerned with your score. Employers are looking a scores more today -- in my business, their IS a low credit limit placed on new employees; a private employer can chose is give scores this amountg of importance.

Pulling credit on your own will not affect your scoring. Also, only mortgage professionals and lawyers are legally permitted to pull your credit and advise you. Normally, when you permit a credit repair agency to asist, you are providing the credit report.

Laura

Joined: 21 Jun 2007
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Wed Mar 19, 2008 10:26 am

If one is unaware of the score, is it possible for the individual to keep his rating on track? How would anyone otherwise understand how much more score he has to increase?
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Regards,
Laura.

charles.armbruster

Joined: 14 Mar 2008
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Location: Mesa, AZ

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Wed Mar 19, 2008 6:01 pm

Laura -- you are correct. People will need to know their scores IF they are trying to better their credit card rates, their car loan rates, their mortgage rates, or their home equity rates.

Most people (the US average FICO is quite high) have no need for credit monitoring. However, people are finally realizing that credit fraud and ID theft can be 'nipped in the bud' by reviewing their reports.

Many people I talk to think their credit is bad, because they've had a late payment or two -- only to discover that their scores are in the high 600s.

If you own an adjustable mortgage, you will want to bump your score above 660 to refinance it -- the higher, the better.[/quote]

goodnatured

Joined: 03 Nov 2007
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Posts: 2633

5016 Magic Points

Tue Mar 25, 2008 2:07 am

I agree with all of you, I just think that once every six months or so would show a difference if you are working on rebuilding your credit, then you could see some reward in your work.
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Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!

charles.armbruster

Joined: 14 Mar 2008
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Posts: 27
Location: Mesa, AZ

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Wed Mar 26, 2008 4:53 am

It is proper to keep tabs on your credit, whether you pull your own credit routinely or hire someone to do it.

In an age where your credit standing affects your daily ability (and cost) to use credit, buy stuff, and own a home....you are smart to check your own report as often as quarterly. I ask you -- Who really wants to deal with credit hits, fraud or ID theft if he/she can avoid it!

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