credit report vs. credit score?

smckaybiz · Joined: 24 Apr 2008 Posts: 5 Location: PA 3.80 Dollars($)

Hello all. I'm new to the forum here and just wanted to get some peoples' feedback on this.

When it comes to improving your credit most people want to know what their credit score is and they pay to check it on a monthly basis. In the meantime they are having a tough time paying their bills as it is and the money they are using to pay to check their credit could be better spent helping to eliminate their debts.

I personally feel that as long as you check your credit reports on a yearly basis to make sure that your information is being reported accurately, and you budget your finances so that your bills are being payed before your luxury expenses like entertainment and cell phone, satellite, etc. that you will be on the right track to improving your credit.

So many people always want to know exactly what their credit score is at all times. Is this a bad thing? I guess if you pay all of your bills on time and you have the extra money to spend its not so bad but I don't think that this is usually the case. If you apply for a loan/line of credit and get declined you can ask what your credit score is if you need to know. But if having a low credit score is the reason you've been declined you should plan on waiting atleast a year before reapplying. Very Happy

larry · Joined: 27 Jun 2007 Posts: 2598 349.41 Dollars($)

Hi Scott McKay,

A warm welcome to you in this forum.

a very good and interesting topic to discuss. You are absolutely right that there is no need to check your credit report every months or every week. You can once or twice a year to check every thing is reported correctly. If you make payments on time then it will certainly improve your score. But frequent checking of the credit report can drop your credit score.

Best of luck,
Larry

jenkin7 · Joined: 04 Jun 2007 Posts: 880 131.00 Dollars($)

Hello Scott,

If you check you credit report it will be called Hard pull and that can drop you score for 5 points and will remain for next 6 months.

Paying the bills every time before the due date will help you to improve the credit report. If you do not have any late payments in the last 12 months then it will also help you to get approve for mortgage.

gmakerley · Posted: Mon Apr 28, 2008 7:59 am Post subject:

Scott, i agree with you that many people waste their money and energy worrying about what their credit score is (at 2 pm, again at 4 pm; and right back checking again at 9 am the following day). i know people in this category - they are convinced that they're doing precisely what they ought to do.

i thoroughly agree that they'd be better off using that same money to reduce their credit, rather than pay someone to let them know they jumped from 675 to 676 in the past 3 hours.

it becomes an obsession with so many, and it is an utter waste of time, energy and funds, in my opinion.

jbarto65 · Joined: 04 Nov 2007 Posts: 522 8.43 Dollars($)

Welcome to the forums, hope you find what you need here. Sounds like you have gotten a good start anyway, I look forward to coming back and weeing how things develop, goodluck.

fireyone_02 · Joined: 20 Mar 2008 Posts: 292 58.78 Dollars($)

Jbarto how to you wee things that happen.lol. I screw up my typing all the time. Anyway this forum is an excellent resource and I am sure we can help the op.

jbarto65 · Joined: 04 Nov 2007 Posts: 522 8.43 Dollars($)

I know that we can, it helped me immensely. I have learned so much on these forums.

fireyone_02 · Joined: 20 Mar 2008 Posts: 292 58.78 Dollars($)

I actually felt a sense of relief coming here and posting. Sometimes It helps too see you are not alone and that pulling together your minds soeme pretty good solutions arise.

jbarto65 · Joined: 04 Nov 2007 Posts: 522 8.43 Dollars($)

I know what you mean, it is always good to know that you are not alone in the boat.

fireyone_02 · Joined: 20 Mar 2008 Posts: 292 58.78 Dollars($)

Especially a sinking one. lol

All times are GMT - 7 Hours

Page 1 of 1