You Should Watch Your Credit l Cleveland Bradley County Teachers Federal Credit Union
OK, we know we’re probably far from the first to tell you it’s a good idea to keep an eye on your credit scores and report. For good reason: They’re vitally important, weighing in on everything from whether you get a loan to what kind of apartment you can lease.
Unfortunately, those scores are moving targets. It’s not as though you get one rating that sticks with you for life. No, your score goes up and down constantly based on information reported to the three credit agencies—Equifax, Experian and TransUnion—from your creditors and others you pay money to.
What Impacts My Credit Score?
The factors used to determine your credit rating are a little different from one bureau to the next and how they’re considered also changes. Confusing, right? Here are a few things used in calculating your overall FICO Score:
- Payment history
- Age of credit (average age and/or oldest credit line)
- Available credit
- Percent of available credit used
- Number of new accounts
Additional factors that may be considered include the number of recent “hard” inquiries on your credit report. Those are the checks on your credit situation performed by institutions from which you request credit such as automobile loans and mortgages.
Your own checks of your credit situation shouldn’t count as hard pulls unless the agency you use has an ulterior motive in provide the check, such as marketing your information to loan originators.
How to Check Your Credit Reports & Scores
In normal times, the three credit bureaus give you access to your reports for free once per year through AnnualCreditReport.com. However, during the coronavirus pandemic and related economic downturn, the bureaus are offering one free report each week. You can request those through the same website.
That’s good news given how many people are struggling right now. It also helps keep an eye out for the impacts of scammers looking to steal stimulus checks and sensitive information tied to them. Finally, it’s just a bit of peace of mind in a very uncertain world.
If you want to know more about monitoring your credit or you’re ready to put yours to work with a new car loan or mortgage, give Cleveland Bradley County Teachers Federal Credit Union a call today!