How Often Should You Check Your Credit Score?

by Sales & Rentals at Abacoa 01/26/2020

It’s a good financial practice to check your credit report and score periodically. You want to be sure that no one has stolen your identity and that all the information on the report is correct. It may sound simple to check your credit, but there are so many sources that you can get it from and so many options that it can be a dizzying process. Read on to learn more about the basics of checking your credit and credit score. 


Your Credit Score Comes From Different Sources


You can check your credit score from one source and find that the score varies from place to place. Why? There are a few different scoring models that are used to calculate scores. There could be as much as a 50 point difference between sites. There are also three credit reporting agencies. Each one uses a different method to calculate credit scores. Each method provides lenders with different information to allow them a picture of what type of borrower you will be. 


Checking Your Score


Many different apps allow you to check your credit score. These enable users not only to see their scores but to see what can be done to improve the user’s credit report and score. You can’t see your credit report on these apps, but you can always head to annualcreditreport.com to check the full scope of your report. This is the only official site to pull your credit report fro the credit bureaus.  Finding the right app to check your credit score is simple, it only takes a few minutes to sign up. 


How Are Credit Scores Calculated?


Your credit score is calculated using a few different factors. Each credit bureau uses the formula a bit differently. Scores range from 300- 850. It’s pretty rare to see perfect credit at 850. Anything over 700 is considered “good” or excellent” credit. You need at least a score of 600 to obtain loans in most cases. The higher your score, the better the interest rate will be.     



When Is The Best Time To Check The Score?


Before you apply for any large loan, it’s a good idea to check your credit rating. Taking a peek will allow you to see where you stand. You don’t want  to apply for a loan and end up being surprised by problems with your credit. Many apps allow you to check your score on a monthly basis. It’s easy to stay on top of your credit score and especially important to know where you stand when you buy a home.   

About the Author
Author

Sales & Rentals at Abacoa

ABOUT CHRISTINE SNEDAKER

 Let my 35+ years of Real Estate experience go to work for you. Being a Florida resident for over 50 years, a Licensed Real Estate Broker since 1975, and a CAM (Community Association Manager), I have seen many changes in the real estate profession. With proven success in residential sales and rentals, a former teacher, previous owner of a real estate Title Company and Broker-Owner of several real estate companies. I recognize the changing educational requirements, laws and marketing necessary to serve my client’s needs.

Experience: Christine Snedaker has been a full-time professional REALTOR for over 30 years. She is a full-licensed broker and the owner of Sales & Rentals @ Abacoa, Golf Club Realty, Inc. and formerly, Option Realty Network /Bluff’s Resales and Rentals, Inc. Christine specializes in Golf and Waterfront homes throughout the Northern Palm Beaches, including Jupiter, Juno Beach, Tequesta, North Palm Beach and Palm Beach Gardens.

Honors: Christine is a consistent multi-million dollar producer who has earned a Lifetime Membership in the Million-Dollar Club. Christine has also been awarded the prestigious CRB (Council of Real Estate Brokerage Managers) Award. Christine earned the e-PRO designation sponsored by the National Association of REALTORS for excellence in internet technology.
Memberships: Christine is a member of the Jupiter/Tequesta/Hobe Sound Association of REALTORS, the Florida Association of REALTORS, and the National Association of REALTORS. All of these associations uphold a strict code of ethics and ensure that their members are up to date on the latest marketing techniques and legislation affecting real estate.

Outside of real estate, Christine is Past Commodore of the North Palm Beach Yacht Club, and active member of the state Florida Commodore’s Association.