Your Credit Report Card [Get Rich Slowly]
I'm 24 years old and counting, and I am starting to work towards my future. That will mean getting a house down the line. I'm currently buried in debt and gradually pulling myself out of it. So, I know my credit score can't be very good right now, but what can I do to monitor the situation?
Enter the Credit Report Card, courtesy of
credit.com. Get Rich Slowly featured this service today and I find it pretty fascinating. While it doesn't reinvent the wheel, it gives you a quick, fairly accurate snapshot of the different areas that affect your credit score and how you are performing on them. Here's Get Rich Slowly with more:
Each section of the Credit Report Card also contains a detailed explanation of how your grade was derived. These sections contain a couple of paragraphs each explaining how credit scores work and recommending actions you can take to improve your credit.
The Credit Report Card isn’t earth-shattering. It’s not a tool that’s going to revolutionize the way you deal with money. It is, however, a useful way to monitor your progress. I’ve added the site to my bookmarks, and I plan to check in every month or two when I’m doing my personal finances.
If you're not comfortable sharing your Social Security Number to them, don't bother. They'll need it to pull your information together. I was fine with it, and my snapshot is at the top. Unsurprisingly, my full credit cards have a very negative impact on my score. But it also helps to learn the other areas and how I'm performing. For example, I have been on-time with every payment ever since I opened my first account. That helps out immensely! In addition, I got my first credit card five years ago, and it seems that my rating will shoot up once I go past seven years. I don't have a mortgage, so they gave me a lower grade on account diversity.
Inquiries from this service are considered "soft", meaning they do not impact your credit score. The service is free, and you can check in on your score every 30 days. Like J.D., I also added the link to my bookmarks so I can monitor the situation while I pull myself out of debt.
Posted via email from tommeitner’s posterous
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