How to Check Your Credit Score with Credit Karma

iphone-624709_640Whether you like it or not, credit score matters. It’s a significant factor in qualifying for several types of loan applications and also applying for a credit card. This determines your credit worthiness and it can influence the rates you’ll get on mortgages, auto loans and credit card terms. You can save thousands of dollars on loans and even insurance premiums when you have a good credit score – however getting access to your credit scores can get confusing and quite expensive.

If you simply want to find out where you stand on your credit or you need work on repairing it, it’s a good idea to to check your credit score. So how do you go about checking your credit score? Here’s what you need to know.

  1. Understand your credit score. The most important thing to remember is there is no such thing as “one” score. Lenders calculate credit scores based on different criteria and it’s possible that you have a higher score with one lender and a low score from another. It means that while one lender may refuse your application for credit, another might accept it as they have possibly worked out different scores for you. There are five things that influence your credit score: amount of credit you carry, payment history, the kind of credit you have, how long you’ve had credit accounts and how long ago since you’ve opened up a new credit line.
  2. Check your credit score. Now that you have an idea what items you should check on your credit score, you can check our credit score annually for free as it is your legal right to obtain a copy of your credit report. You can get them for free or some other places will ask for a small fee. Where can you check your credit score? Credit Karma offers credit score updates, monitoring services and personalized advice on how you can improve your credit score. Check out the Credit Karma review to find out what you can get from them and if it’s worth taking the time to sign up here.
  3. Maintain or improve your credit score. If you see that you have a fair or good credit score, it’s still best to check it regularly to avoid any negative items that can accumulate. If you need to improve and work on your credit, there are several things you can do to improve it. Pay down debts, as this will demonstrate to lenders that you are managing your finances responsibly. Make sure that you make debt repayments on time and track your payments to avoid missing out on them.

Tracking and analyzing your credit score can be a big help when you’re in the process of looking for a loan or getting to be approved. If you’re looking for a free and reliable way to monitor your credit score, there are several options you can check into first. The better your credit score, lenders are more likely to accept any applications for credit and the more chance you’ll have lower interest rates that can save you money in the long run.

Do you have any other tips on checking and raising your credit score?

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