does it matter if you know your score?             Click here to Print

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#Dadummy - Says,

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

#Dadummy - Says,

how important is it
#Laura - Says,

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..
#erb1953 - Says,

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 - Says,

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

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.
#Fasfeed - Says,

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 - Says,

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 - Says,

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

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.

#diem - Says,

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 to get your real score from time to time. It's the place you should be pulling your scores from.
#charles.armbruster - Says,

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. 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 - Says,

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?
#charles.armbruster - Says,

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 - Says,

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.
#charles.armbruster - Says,

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 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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