does it matter if you know your score?

Submitted by Dadummy on Mon, 01/07/2008 - 21:36

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

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..

Tue, 01/08/2008 - 09:09 Permalink

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.

Wed, 01/16/2008 - 23:16 Permalink

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

Thu, 02/07/2008 - 22:52 Permalink

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.

Fri, 02/08/2008 - 06:03 Permalink

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.

Tue, 02/12/2008 - 01:43 Permalink

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.

Wed, 02/20/2008 - 02:18 Permalink

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.

Wed, 02/20/2008 - 07:08 Permalink

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.

Wed, 02/20/2008 - 22:47 Permalink

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.

Tue, 03/18/2008 - 18:32 Permalink

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?

Wed, 03/19/2008 - 10:26 Permalink

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]

Wed, 03/19/2008 - 18:01 Permalink

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.

Tue, 03/25/2008 - 02:07 Permalink

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!

Wed, 03/26/2008 - 04:53 Permalink

I din't think it was very important to know your credit score. NOW..however...I DO think it's important. For example...maybe you think your score is ONE thing and it's nothing like you thought. Also....if you are trying to 'clean up' your credit, you can 'compare' scores from 'then until now.' Hope this makes sense.

Mon, 03/31/2008 - 22:55 Permalink

great points sdcharges, I know that I am trying to clean mine up and have no idea what my score is for the last two years, but I am aware of what is on my credit report, that is what is important to me right now, I know cleaning it up will raise my score.

Tue, 04/01/2008 - 10:31 Permalink

Hi Good,

At the end of a financial year, I would rather do a score check especially when i have started my repair all by myself. The problem lies in the fact that the scores vary with the bureaus. I usually try to check on my score once in a year.

Tue, 04/01/2008 - 10:45 Permalink

Makes sense to me, LAURA!! Good point. would be nice if ALL 3 CB's would have the same thing on them. Some CA's report to ALL 3...some do not.

Tue, 04/01/2008 - 13:39 Permalink
Anonymous (not verified)

...that's why is 'Such a Deal'!

Tue, 04/01/2008 - 18:06 Permalink

Great post Goodnatured. I personally feel its not worth the money to check your credit score from time to time. As long as you're checking your credit reports and making your payments on time you know your increasing your credit score. Also anytime you apply for credit they have to provide you with your credit score upon your request. If the last time you applied for credit you had a low score you should probably wait atleast one to two years before trying to apply again. I'm not trying to put anyone down for checking theirs though. If it makes you feel more comfortable to know and you have the money to pay for it then there is nothing wrong with doing it.

Wed, 04/02/2008 - 02:05 Permalink

Another point, too.......some people pay 'profeesionals' to get their Credit Reports. Or, they pay for them over the net. EITHER WAY..isn't the individual risking giving out his/her personal information ( I mean SS#, address, erc). Especially, on the net ( where they ask for a Credit Card number, etc?

Wed, 04/02/2008 - 13:23 Permalink

I know what you mean, we just assume that the sites are secure until something happens.

Sun, 04/06/2008 - 23:52 Permalink

Credit affects too much these days to just ignore it.

Mon, 04/07/2008 - 02:01 Permalink


Mon, 05/19/2008 - 11:20 Permalink

I think one should check his score at least twice a year so as to remain informed about his position. This will really help him whenever he is going for a new credit. If you find the any mistakes in the credit report, you can take steps to rectify the report in advance before applying for any credit.

Tue, 05/20/2008 - 12:06 Permalink

Justin I totally agree with ya. I think twice a year is sufficent. One point though is if you get three free checks why not use them?

Thu, 05/22/2008 - 00:21 Permalink

Actually as far as I know, only one report is free annually. If you want to check your report more that once, there are charges associated with it. So I prefer to check it twice a year.

Thu, 05/22/2008 - 11:23 Permalink


You can actually get one from each of the three, so you can get three a year, I do this. I get one from one and then follow up a few months later, I get another and then a few months later I get the last one. If you get them every four months you can have the whole year covered.

Thu, 06/12/2008 - 01:48 Permalink

Hi goodnatured
Your idea is good as we can check the report thrice in a year free of charge. Recently, I have heard about a fourth Credit Reporting Agency, Innovis Data Solutions. Does anybody have any information of how it works and does its report counts as the other three major CRAs in getting credit.

Thu, 06/12/2008 - 05:29 Permalink

When I checked my report a few months back I didn't see a score. It only listed mt creditors. Did I miss it somewhere?

Sat, 06/14/2008 - 10:55 Permalink

No fireyone, you did not miss anything, you do not get your score when you get the free report, that cost extra. You actually have to request your score and pay for it as a seperate event. They should have led you to pages to get your score when you went on the site to get your report, all the information is there, but you have to pay extra for the score, sorry about your confusion on this.

Sun, 06/15/2008 - 09:14 Permalink

Hi fireyone
Goodnatured is right. You will not find your credit score in your credit report. It needs to be purchased separately. The free credit report only shows the credit card accounts and the outstanding loans you have and your payment history.

Mon, 06/16/2008 - 11:05 Permalink

There are many companies out there that will get you your score at a very reasonable price. Do your research on them before investing your money.

Tue, 06/17/2008 - 03:20 Permalink

I agree with you goodnatured. There are many companies that offer credit scores at reasonable price. You can also find companies offering credit scores for free if you go through google.

Tue, 06/17/2008 - 13:18 Permalink

Do you know who the freebies are? could you list them here Justin, I don't know anyone who gives it for free, please share???? :shock:

Thu, 06/19/2008 - 01:11 Permalink

Washington Mutual bank credit cards presently offer free online access to your FICO credit score only if you are a Platinum MasterCard holder. You can also take the advantage of the 30 day free trial of MyFICO, which no doubt offers a genuine FICO score.

Thu, 06/19/2008 - 09:54 Permalink

Thanks Justin for the information, I am sure that people here sill put it to good use.

Sat, 06/21/2008 - 17:00 Permalink

This is good information to have, I have never used it before, but I am sure that someone will put it to good use.

Sun, 07/20/2008 - 01:57 Permalink

That is good to know. I can't see it costing mega bucks so I would still pay to see. I just don't like the idea of entering a cc # online.

Tue, 07/22/2008 - 23:34 Permalink

You need to look for the veri sign insignia, it is a little padlock sign, this means that it is a secure sight. If you don't know what it looks like just google it and you will see a picture.

Thu, 07/24/2008 - 00:52 Permalink

I have seen it and recognize it as being proclaimed a secure sight. I am just overly nervous I suppose.

Fri, 07/25/2008 - 00:14 Permalink

I guess a lot of people are nervous about putting their credit card information out there, I have a few online stores that I deal with and never had a problem with anything through there website cash out. Knock on wood.

Sun, 08/10/2008 - 12:51 Permalink

I find that is the safest way. I was looking at the title of the original reason for this post and thought to myself how there was a time that I would not have even cared what my credit score was. I think when you are young those things that really matter are the last on a young persons mind. Kind of like 401k.

Wed, 08/20/2008 - 18:51 Permalink

I agree with you, but it does affect so much in a person's life now a days, job, housing etc.

Mon, 08/25/2008 - 11:33 Permalink

Try to make most young people understand this and it is like talking french.

Mon, 08/25/2008 - 12:36 Permalink

Yeah, we were all there at one time, it is not until we get older and have to make family decisions then we have to pay the piper for our bad credit decisions.

Tue, 08/26/2008 - 00:41 Permalink

Thats true. I just wish there was a way to get them to look past just tomorrow.

Tue, 08/26/2008 - 00:45 Permalink

They won't listen, I really don't remember any adult talking to me about credit when I was younger. I had to burn and learn.

Tue, 08/26/2008 - 02:11 Permalink