Finance

Wondering About the Status of Your Finances? Know Your Creditworthiness

finance

You’ve probably been asked so many times the credit score question when applying for a new credit card. Or when trying to find out the options you have for a mortgage. Basically, this question pops up whenever you’re looking to be financed.

If you don’t have a credit score, accessing the above services (and more) will be a challenge because your financial status is unknown. How then will you know what to buy?

Therefore, a score is of paramount importance for you, and for good financial reasons. Want to find out the status of your finances today? Here’s how to check the rating of your score as a borrower.

1. Cherry-pick an Ideal Source

Knowing your precise score shouldn’t be a problem if you know where to look. There are numerous places you can turn to that’ll easily provide your credit card history and rating.

Remember this is a service you can access freely. It shouldn’t be a problem getting your rating from a number of websites. However, a handful of them will charge for their services.

If that’s the case, lookout for an ideal source where you can appropriately fish out your score without having to pay a single cent. If they ask for money before checking, that’s a red flag. Run!

2. Confirm with Your Traditional Lender

Your bank should be at the top of the pile of the many ideal sources you’ll consider. Make a call and ask them whether they can provide you with your score.

Most financial institutions will grant you access to your score and even a credit report free of charge.  Others will even monitor your credit freely. You may have some luck when you check with banks before you seek other places for assistance.

3.  Check with a Service That Monitors Your Credit

If you subscribe to any credit monitoring service, make sure to check with them as well.  They are more likely to provide you with a score and history of your credit. After all, you’ve paid for the service. So your score should come as part of the entire package.

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You must remember that you don’t have to pay any institution or website to access your credit score but if you happen to have subscribed to any service that monitors your credit activity, go for it.

Don’t pay a service primarily because you want to know your rating, though. Such a service is accessible free of charge from a bank or other credible sources.

4. Choose an Ideal Application or Website to Check Your Scores

Technology has greatly impacted our lives and even made it simple to find out your ratings in an instant through applications and websites such as:

  • Credit.com
  • Credit Sesame
  • and Credit Karma

The above-mentioned websites give you instant information about your score, whenever and wherever you’re.

To put it another way, there’s no limit to how many times you can check your score through the said websites. You don’t even have to get worried about any dangerous dings while at it.  Just go ahead and check your credit score as many times as you wish. It’s that convenient.

If you want to know how much convenience the sites provide, there are over 85 million users both in Canada and America who access Credit Karma mobile app and finance website.  It’s safe to say that most of these users are happy to access the services free of charge.

It started off as a resource for users to check their scores freely, then it burst from the seams as more users joined the bandwagon. Today, it comes across as a reputable and reliable resource for checking your score free of charge.

Thanks to its popularity, the app is recommended widely by users across Canada and in the United States, and for good reason. It has achieved great milestones and gotten many accolades.

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Creating an Account on the App

It shouldn’t be difficult to create a Credit Karma account: 

  • Navigate the welcome screen and press the “sign up for free” button.
  • Provide your verification details including your email address and then create a password, and voila, you have an account.

Just in case you’re worried, note that by creating an account on the app or website, your actual credit score is not affected in any way. You’re only required to answer simple questions, which are mostly just soft inquiries and not hard financial details.

Exploring the Apps Dashboard

Having an account means you can access your score each time you log in to the Credit Karma dashboard. The rating information is often updated with each new login session, and an estimate of the scores rating is picked up from two credit Bureaus including Equifax and Transunion.

Thanks to a recent update that allows two of the three Credit Bureaus to access your scores and provide an estimate of your rating.

The dashboard provides users clear information about any active accounts they have, any recent changes with your credit information (and why), any credit offers you may have or eligible to access – all this information is right at your dashboard. If you work hard to improve your scores, you’ll be impressed by what you see on the app’s dashboard.

Keep an Eye on Your Score

Creating an account with Credit Karma will allow you to keep track of your score rating and be in good books with lenders of any kind – assuming you want to get a loan for your business or for personal reasons. Your credit score number will greatly impact the interest rate of the loan, and the lifespan of the loan as well.

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Keeping track of your score means you’re in control and always aware of where you stand. This allows you to greatly improve your scores, and even soar it higher whenever the occasion calls for it. Your credit score also comes in handy when applying for a new credit card.

Banks will want to know the performance of your score and how well you’re working to improve it before you can make a loan application however that is not the case with websites like nation21loans.com , services like this can give approval with bad credit as well. Regularly keep an eye on your score if you want to access numerous financial services, will greatly improve your financial status.

The Takeaway

You can always check your score free of charge and whenever you like. If you know where to look at, you won’t have to pay to find out the status of your score. Or access a report of your finances that shed light on the activity of your credit as a borrower.

What this means is, it is so easy to find out your score and it shouldn’t come at an expense for you.  Why? Because there are free websites and mobile applications like Credit Karma, which will help you to check your scores as often as you like, without paying a dime.

If you want to know your rating as a borrower, all you need to do is identify a credible and ideal source, check with your financial institution too – call your bank to ask if they can provide you with your score information or credit report.

You can equally check with a service that monitors your borrowing power, or better yet, opt for a reliable website or app that issues accurate estimates of your scores.

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