It starts with having credit scores worth celebrating. Good scores can give you the power to negotiate lower interest rates – and the freedom that comes from having loan and credit choices!
As you celebrate July 4th, take time to reflect on your credit history.
Your scores change as new information is reported by your creditors. A missed payment here, a maxed-out credit card there – even certain credit activities that may seem harmless can impact your credit scores.
- Are your payments typically on-time or late?
- What about your account balances…have they gotten higher, lower or stayed the same?
- Have you closed old credit cards or opened any new ones?
If you’re not monitoring your credit reports, you might be surprised at what you find.
Compare your information across all three credit reports. If you spot any mistakes or discrepancies, file a dispute with the credit reporting bureaus to help protect your scores.
- 1 in 5 people have an error on their credit reports that can damage their credit scores.
- Late payments, bankruptcies and other negative information should drop off your reports in seven to 10 years.
Your scores can be a powerful tool for getting the most bang for your buck.
Did you know your credit scores determine the interest rate you get from lenders? In turn, that interest rate determines your monthly payment amount. Higher scores can mean better interest rates and lower monthly payments on everything from credit cards to an auto loan to a mortgage.
Do your credit scores give you the freedom to:
- Negotiate a lower interest rate on your existing credit cards?
- Get approved for a car loan or mortgage at a competitive rate?
- Save money on your home or auto insurance premiums?
If you haven’t pulled your credit lately, you may not be getting the most bang from your scores!
Before you finance a big-ticket purchase, check all three of your credit scores from TransUnion®, Equifax® and Experian®.