Credit Score?
by Author on Friday, August 20th, 2010 | 4 Comments
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You probably have a credit score if you had bank credit cards or any loans or unpaid utility bills that were reported to the credit reporting agencies. You can’t get your score for free, but you can find out if you have credit reports. Get your free ones from all 3 credit reporting agencies here: http://www.annualcreditreport.com
You don’t have to have a credit card to have a credit score. You don’t have to have any cards. If you have furniture, department store accounts, new tire accounts etc, that may be on your credit and will help you establish credit. The best way to find out about your credit is to go to http://www.creditplus.com and get your credit pulled. You should check your credit once a year to avoid identity theft.
If you don’t use a credit card, your credit score would be low, or zero if you don’t even have one.
For instance I’m just a regular joe with a couple of credit cards. I pay bills and my credit card payment on-time and always in full amount. I’ve been using credit card for since my freshman year (about 8 years ago). One time I went out with my boss and she’s filthy rich (millionaire). She pays everything in cash and never used her credit card. So we went out shopping, and the store clerk asked if she wants to sign up for a credit card. Well I found out her credit line would be much lower than my credit line. Therefore she’ll have a much lower credit score. So… well… that’s all I can say.
Don’t worry about your credit score. Just put as much money as you can in a savings account and when you go to get your home loan (the only time I would EVER borrow), lenders will see you manage your money well because you don’t spend every penny you have.
Do you think Bill Gates is worried about HIS credit score?
ALWAYS have money in savings in case of emergencies. They WILL happen so it’s better to be prepared.
Do this and you’ll be better off financially than 75% of Americans.