Staying on top of your credit score is an important aspect of maintaining your financial well-being. Your credit score influences your ability to get a loan, obtain a favorable interest rate, and can even impact aspects of your daily life, like getting a job or renting an apartment.
Beyond serving as a quick financial check-up, regularly checking your credit score and credit report can help you identify potential errors and detect warning signs of identity theft. Knowing how—and how often—to check your credit score will help you maintain a strong credit profile and empower your financial freedom.
HOW OFTEN SHOULD I CHECK MY CREDIT SCORE?
At a minimum, you should request and review your credit report once a year. It’s a good idea to check your credit score even more frequently, especially if you plan to apply for a loan.
Many financial institutions like banks and credit unions offer you free access to your credit score, allowing you to keep a close eye on it. If you’re a member of Marine Credit Union, you can see your FICO score in online banking.
HOW CAN I GET MY CREDIT REPORT?
You can get a free copy of your credit report once every 12 months from each of the three major credit bureaus (Equifax, Experian, and TransUnion) through AnnualCreditReport.com.
WHY DOES MY CREDIT SCORE FLUCTUATE?
It’s normal for your credit score to vary across the different credit bureaus. In addition to noticing slight variations in your score from each reporting agency, you might also see your credit score fluctuate over time. There are many reasons your score can change. All of the factors that influence your score—such as payment history, credit utilization, length of credit history, new credit inquiries, and credit mix—can cause short-term and long-term fluctuations. You might see your credit score change frequently and seemingly for no reason. This is because creditors, lenders, collection agencies, and public records report new data daily.