5 Ways It Pays To Know Your Credit Score
It’s said that knowledge is power, but when it comes to your credit score it’s money, too. What you don’t know about your credit can and will hurt your wallet. So study up.
One of the best ways to do so is to join WalletHub. This will give you unlimited access to free credit scores, full credit reports and 24/7 credit monitoring. As the only website that updates its scores and reports on a daily basis, WalletHub is the top source for the latest intelligence on your credit.
If you’re not yet convinced about the value inherent in a better relationship with your credit score, here are a few reasons why it figures to be worth your while:
Plastic Is Historically Valuable: Surveys show that most people have not checked their credit score in the past year. A lot can happen in a year, and if you’ve managed your money responsibly since you last saw your score, it’s likely to have improved – perhaps considerably – in the meantime.
That means you might now be able to take advantage of the historically valuable credit card terms currently being offered. From initial bonuses worth up to $625 in travel to 21-month 0% financing terms, plastic has a lot to offer if you have the above-average credit score that is the ticket to play.
- Refinancing Is Still Rewarding: There has been a lot of talk about rising interest rates lately, but it seems the world economy has largely put things on pause. That means the window for homeowners to save big by refinancing their mortgage hasn’t closed yet. You just need a credit score good enough to qualify for better terms, and there’s only one way to find out about that.
You Don’t Know What You’re Missing: If you don’t keep regular tabs on your credit score, you might miss fluctuations that are indicative of credit report mistakes or even identity theft and fraud. One in four people in a Federal Trade Commission study found errors on their credit report that could impact their credit score, and there were more than 18 million victims of identity theft in 2015, according to the Department of Justice.
Such red flags will first manifest themselves in your credit report – one reason credit monitoring is so important – but they will inevitably affect your score soon thereafter.
We All Need A Little Guidance: A tiny fraction of one percent of all people has a perfect credit score, which means nearly all of us have room for improvement. But credit-building can be complicated, and no one has all the answers. Simply checking your credit score won’t change this, but checking it on WalletHub will.
Not only will we update your credit score daily, but we’ll also provide customized credit-improvement advice that will make it simple to take your score to the next level. The higher your credit score is, the more you stand to save on everything from loans and lines of credit to insurance premiums.
- Kids Need Financial Role Models: Personal finance isn’t taught in most schools, so where do you think children learn about money? Much comes from emulation of parents and other family members, so next time you think about blowing off your credit homework, consider the kids. If you don’t make financial literacy a family priority, they are likely to follow suit at their wallet’s detriment. So make money management a group learning project, and you might have a shot at quality care when you’re older.
At the end of the day, financial success does not come about by accident. It is the product of hard work, discipline and constant learning. And if you want to learn the most about where your credit stands and what you can do to reach top financial fitness, give WalletHub a try. We promise your wallet will thank you!
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