Wiser Wealth Wednesday: Eight Reasons to Check Your Credit Score Frequently

By Ken Knickerbocker

Published: 11:57 pm EST November 4, 2020Published: November 4, 2020Updated: 12:50 pm EST November 5, 2020

It pays to monitor your credit score on a regular basis so you know where you stand. Here are eight reasons you need to pay attention to your credit score.

Your credit score affects so many parts of your life—personal finances, where you work and play, even how much money you save on interest, insurance premiums, cell phone plans, etc.

It’s important to keep track of your score on a regular basis so you can build it up when necessary, make sure it’s in a desirable range, and check to see if there are any negative or inaccurate items in your credit report that can lower your score, writes Brian Acton for Policygenious.com.

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The better your score, the lower the interest rate you’ll pay on financial products like loans and credit cards. That can add up to hundreds or thousands of dollars in savings.

Lenders look at your credit report and score before they approve loans or mortgages.

A better credit score, one in the good to excellent range, also means premium credit cards or a solid cashback rate with low fees.

Your insurance costs; auto, home, life and health, could be linked to your credit score. People with poor credit pay higher monthly premiums.

Landlords require credit checks for potential renters. If you know your credit score before you rent, you can improve it before you submit an application.

Some employers perform credit checks on job candidates so it’s important to know your credit score and check your credit report before you start a job hunt so you know how you look to potential employers.

You can pull your credit reports for free every 12 months at AnnualCreditReport.com which also provides your credit score for a nominal fee.

To check your credit score for free each month, visit credit websites like Credit Sesame, or via certain credit card issuers.

Read more about the importance of monitoring your credit score at policygenius.com.

Need financial planning advice? Learn more about Fred Hubler’s no conflict of interest, retainer-based financial advice model here or read more about Fred’s Phoenixville business on Montco Today here.