Most people hardly ever check their credit score. In fact, a lot of people never think about it! Unless you actively need to show your credit score in order to qualify for a home rental, credit card, or other assets, it is likely you have gone about a year without checking. However, there are many benefits to checking your credit score on a regular basis.
What are they?
1. To Keep Your Credit in Good Standing
It’s important to know where you are in terms of credit, and to always aim to be in good standing. If there are improvements that need to be made, you can take steps to better your standing. Good credit is something that takes a long period of time to gain, and therefore checking regularly ensures you are on top of things if you have an application coming up that requires a credit check.
2. To Understand What Helps and Hinders Your Score
When you are regularly checking your credit score, it becomes easy to see what actions have an affect. See your number drop? You can use the information in your credit report to see what may have had an affect, and to prevent doing this in the future.
3. Know When You Qualify For Better Credit Cards
Qualifying for better credit cards means lower interest rates, better rewards and more! Checking your score regularly keeps you in the know for when your score is in a certain range that qualifies you to apply for certain cards.
Ok, ok, we hear you. “Doesn’t checking your credit score affect your credit?” Not anymore! There are ways that you can check your credit an unlimited number of times without it having any affect on your score, such as using Borrowell.
Borrowell helps people make great decisions about credit. With its free credit score and report monitoring, personal loans, and financial product recommendations, Borrowell empowers Canadians to improve their financial well-being and be the hero of their credit.
Did you know it only takes 3 minutes to check your credit score? AND Borrowell also allows you to download or print your score whenever you need to (like when applying for a new home).
Sign up for Borrowell today and start the habit of checking your credit score regularly!