Managing Your Credit Score
Your credit score can play a significant role in your financial well-being. For instance, many financial institutions will look at your credit score when you apply for a loan, a mortgage or a credit card.
A low credit score could make borrowing money or opening a credit card account more challenging. It could also contribute to higher interest rates and higher insurance premiums. Read on to learn more about a credit score and how to keep an eye on it.
What Is a Credit Score?
A credit score is a number used to predict your credit behaviour, such as how likely you are to repay a loan on time. Credit scores are calculated from the content of your credit reports, but certain providers may use different methods and information in their calculations. For this reason, you may have multiple credit scores.
How to Check Your Credit Score
Regularly checking your credit score can help you understand your credit position. It can also show you what potential lenders will see when you apply for a loan or credit card.
There are multiple ways you can check your credit score, including the following:
- Check your financial institution, loan or credit card statement. Many banks, credit card companies and loan companies will provide credit scores to their customers. You can find your credit score on your statement or by accessing your online account.
- Check your credit scores directly. You can have your credit scores calculated by two major credit bureaus for free: Equifax and TransUnion. Other companies may charge for more comprehensive credit checking services.
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