Why it’s important to know your credit score

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It’s 2020, you NEED to know your credit score. It would be fantastic if you could get a credit card with no credit check and no deposit. Wouldn’t it? Because that’s impossible, it’s key to get a free credit report to learn your credit score before you apply for a card.

The credit card company will check your score as soon as you apply. Knowing your own score will help prevent surprises — like getting declined for a card.

Knowing your FICO score in advance also can help you to choose a card that fits your credit score before you apply. Credit card companies do offer cards for bad and fair credit.

Here are 3 reasons why it’s important to know your credit score:

  1. Applying for credit cards can hurt your score. Let’s say you apply for a credit card that requires excellent credit. You get declined. Then you apply for a credit card for bad credit. You get approved. Each of those applications may take a few points off your credit score, just by applying!
  2. You may need a good score to rent. Did you know that landlords often check your credit when you apply to rent? It’s wise to know if you have a bad score so you don’t get declined for an apartment or house.
  3. Bad credit can be fixed. If you know you have bad credit, then you can work on improving your score. Simple actions like paying bills on time and paying down debt  can make your FICO score better.

Be proactive and check your credit score now so you set yourself up for financial success. Don’t want to pay to check your score? Try FICO’s free score estimator.

FICO’s free score estimator: https://www.myfico.com/free-credit-score-range-estimator/

Categories Credit Check

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