MONEY MONDAY – April 30, 2012: Do you know your true credit score???

Today’s question is do you know your TRUE credit score!!!! (Please do not tell us what it is:-)

Today, many companies have come with an alternative scoring systems that can be used to determine your credit worthiness.  This often results in you having varying credit scores depending up the service that is producing the score. To stay on top of your credit score, you should check your credit score and your credit report at least once per year.

You are entitled to get a free copy of your credit report annually by going to www.annualcreditreport.com to see what you owe and to uncover errors on your credit report. Bankrate.com reports that 70% of credit reports contain SERIOUS errors that can affect your credit score and your ability to obtain favorable credit. So, order your credit and be viligant about correcting those errors that are affecting your credit score. Please check out our next Money Monday post for more information about how to correct your credit report:-)

In addition, you also want to order your credit score which is a mathematical computation that estimates your future ability to pay your debts.  When ordering your credit score, be sure to request the type of score that will be used by the companies giving you credit (i.e. your mortgage company, credit card company, etc.).  Although there are many different scoring systems, most companies are still using your FICO score which can be ordered from www.myfico.com.  You must pay to learn your credit score (If you know of a free source to obtain your FICO score, please feel free to post to this comment).  Your goal should be to have a FICO score of 720 or better.  This will put you in the market for the best loan rates and credit deals.

By staying on top of your credit score,  you will be able to determine your credit worthiness and work to put yourself in the best possible credit situation.

Have a great MONEY MONDAY!!!!

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