Don't Get Ripped Off – Know Your Credit Score (It's Free!)

October 26, 2022 by: joma12

If you’re unfamiliar with the financial world, or are just now embarking on a journey to learn more, it can be a little overwhelming at first. Even if the word “scary” isn’t in your vocabulary, some terms and concepts can appear to be a bit confusing. But understanding your credit score isn’t as daunting as it may seem.

For starters, your score is the number arrived at using a complex mathematical equation. You can relax though, you don’t need to know the exact equation is, or how to work it. This is because many companies use different equations, or have developed ones specifically for their field: insurance is one area that comes to mind. What you need to know is that each equation takes several factors into account: your past credit history, the amount of available credit you have right now, your payment history, and so on.

The higher your score, the better off you will be when applying for new credit cards, loans, apartments, etc. If, however, your score is on the low end, you’ll need to do some work in order to raise it. It’ll take some time, and maybe a little extra organizing on your part, but it’s not impossible.

The best thing to do is to get hold of a copy of your credit score and report for yourself. These can be purchased for a minimal fee from several reputable companies online. Look over the report carefully to pinpoint what factors led to your low score. These negative points are your best friends right now, even if they don’t seem like it.
This is because they are an instant road map for you, showing you what areas you need to shore up in order to improve your score.

Carefully checking over your credit report is good no matter what your score is. It’s a great way to make sure you’re not an unknowing victim of identity theft. Also, if something has been mistakenly reported that isn’t true, you can get it fixed right away before it does any damage.


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