Building good credit is essential. Whether you’re purchasing a new car, applying for a mortgage or even trying to open a new utilities account, your credit score will determine if you’re eligible. DMV.com recommends checking your credit report before embarking on any major life decision as your credit score will be used by companies to see if you meet requirements. Credit history reports are also valuable tools used to fight identity theft.
Due to the importance of your credit score, it is crucial to use a safe and secure service. DMV.com advises using ClickYourScores to view your credit score and report since your credit will be monitored 24/7. Round-the-clock monitoring ensures that no sudden changes affect your current standing. ClickYourScore’s service is committed to keeping your credit score and report up-to-date and accurate.
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What is my credit score?
A mathematical algorithm takes all of your past debt and repayment history and calculates a credit score. This score and your credit history information is collected into a credit score report which is used by financial institutions to determine your fiscal responsibility. Based on its contents, several major life decisions are affected. Getting a loan for a home or car, renting a new apartment, even college loans all will use your credit score.
Ways of Checking Credit Scores
Some companies allow you to check credit scores for free and others will charge a fee. Every person is guaranteed by law one free credit history check once a year. Certain institutions or agencies also offer credit score monitoring. This will allow you to see your credit report every month to watch for suspicious activity. Get started by ordering a credit history report.
Elements of a Credit Score Report
Your credit history report contains credit scores which range from 300 to 850. A good credit score is an average that is above 700. A credit score report contains some important elements, including the following:
- The length of your credit history
- Debt repayment
- Amount of debt
- Types of accounts in your credit history
- Number of recent credit score checks
Situations in Which You Need a Credit Check
There are different circumstances which would require you to obtain credit reports in order to find out your credit score:
- Get a personal loan
- Buy a home
- Refinance an existing mortgage
- Rent an apartment
- Get a new credit card
- Buy a car
- Get car insurance
- Apply for a new job
Run your credit report today. DMV.com recommends using a trusted source to check your credit score.
Ways of Improving Credit Scores
If you find yourself with a credit score below 650, you need to take steps to begin the process of improving credit scores. The first thing you should do is to pay your bills and your debts on time. This is to avoid unpaid bills and debts going to collection agencies which affects your credit score history negatively. Keeping a low balance on your credit cards is a way of preventing increasing interest debt affecting your credit score. Restricting yourself from getting new lines of credit will decrease your chances of improving credit scores by increasing your overall debt.
Raising Credit Scores
If your bad credit score is affecting your fiscal history, you will have to undergo a difficult process of repairing your credit score. If you want to repair credit scores, you need to lower or remove the amount of debt from your credit report. This includes removing debt that has been sent to a collection agency as delinquent. Paying your current bills on time and in full, helps raise your overall credit score. You should continue monitoring your credit report and make sure that your credit score raises after you finish the process of improving your score.
Click here to instantly download your credit report.