7 Reasons Why You Need to Monitor Your Credit
You may not understand why monitoring your credit is such a big deal, but it is. Most people don’t pay attention to their credit, until it’s too late. Monitoring your credit can help you save time and money down the road. Your credit matters all the time, not just when you are trying to take out a loan.
In fact, most people don’t even care even know how good or bad their credit score is, until they go to look at a loan of some sort. The best thing you can do is monitor your credit ALL THE TIME, not just some of the time.
There are many reasons you should monitor your credit score all the time, not just sometimes. Here they are –
#1. Because your credit score should matter the most to you
Again, don’t wait until it’s too late to look at your credit score. LOOK NOW! The more attention you pay to it the more it’ll pay off. Your credit score should matter more to you than anyone else.
You should take care of your credit score and be proud of it. If you see something wrong with it, you should work hard to fix it. Remember that a credit score is basically a summary of how you are with your money!
#2. You will want to make sure your credit information is right
Do you know how many people have wrongful credit “reports” on their credit. Honestly, you’re the only person that can confirm or deny if something should be on your credit.
One reason you should be monitoring your credit is to make sure everything on there is correct. If something is not correct, you will want to take action right away! You will want to make sure something “negative” that isn’t yours doesn’t show up on your credit report.
#3. To show how much debt you have
One easy way to figure out how much debt you have is to look on your credit report. It will show almost to the dollar how much money you have in debt, which is really nice. It’s great to monitor your credit because you know what you have going on, debt wise.
You can make financial goals by knowing how much debt you have. This will also help you get a better idea of how much money you can take out a car loan or mortgage for! Seeing how much debt you have can also be motivating when you want to get as much debt paid off as possible.
#4. To know what credit cards you can apply for
Do you need a certain amount of credit? By knowing your credit score and how good your credit is, you have a better idea of knowing how much credit you’ll be eligible for.
It’s really nice when you can hunt for the credit card that you want. It’s also NICER when you can apply for a credit card amount and get approved right away.
#5. So you know how to increase your credit score
Are you curious about why your credit score isn’t top notch? You can increase your credit score by looking at your credit report and seeing where you’re lacking. There are many areas that make up a credit score. If you see one of the areas on your credit report lacking, you can get on it right away. Here are the credit score components that make up your credit score:
- Payment history
- Credit Utilization
- Length of credit history
- New credit and credit mix
#6. Monitoring your credit allows you to be in control of your credit
One of the best reasons to monitor your credit is because it allows you to be in control of your credit. Again, your credit is a great tool to have in life. If you have a good credit score, you can save money on interest. Plus, you’re more likely to qualify for good loans if you have good credit.
#7. You know whether you will be approved or denied for loans
Is there anything worse than being denied a loan because of your credit score? When you monitor your credit score, you’ll have a better idea of what the outcome will be.
Why apply for a loan if you won’t be approved? By knowing your credit score, you can know the outcome of that actual loan before it happens! To pre-qualify for most loans, you need to know the current state of your credit anyways.
Check out this review of Identity Guard to help you get a better idea of what monitoring your credit can do for you! Not everyone has a ton of time to monitor their own credit, so it’s nice when someone else can do it for you.
Have you ever monitored your credit? Did anything good become of it?