How Often Should I Check My Credit Score? - Other Questions

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » Questions » User Questions » Other » How Often Should I Check My Credit Score?

How Often Should I Check My Credit Score?

Answered on

You should check your credit score three to four times a year. It’s best if it’s spread out in three to four month intervals.

Your credit score, if it’s good enough, guarantees entry into some of the most elusive low-interest credit card offers, mortgages and auto loans. So it’s surprising that a recent survey from Visa revealed that about 42% of consumers don’t check their credit card score.

One reason that consumers shy away from checking their credit score is usually because that number comes at a price. Credit scores aren’t always free, and may cost close to $20. MyFico.com charges $19.95 for a credit score. Be wary of those websites that boost free credit scores, as they are more than likely misleading. Many of those websites, require the consumer to sign up for a monthly credit score monitoring service in order to get your credit score. These fees are close to $5 a month. Other companies that offer you a free credit score without a fee are usually offering approximations based on your answers to questions— these scores cannot be used when approaching actual lenders. The law allows each consumer a free credit report from each of the major credit reporting agencies— TransUnion, Experian and Equifax each year.

Another reason that consumers may not jump to check their credit score, is because many consumers believe that checking it to many times can be detrimental to their credit score.  If you check your credit score once every three months, your credit score should not decrease. It’s important to keep an eye on your credit score and report, so you don’t become the victim of identity theft, fraud or unauthorized purchases on your credit card.  Spacing out the credit report checks to once every three or four months eliminates the harm to your credit score.

Your credit score is based on calculations derived from a consumer’s history of on-time payments, how much credit is available versus how much is being used, the length of credit history, length of open accounts, new credit applications, recent requests and the different types of credit used, such as credit card loans, small business loans, car loans, etc.

It’s best to check your credit score before you apply for any loan, just in case you get denied, you will know whether or not it was because of your credit score.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
We'll match all the Miles you've earned at the end of your first year. For example, if you earn 30,000 Miles, you get 60,000 Miles.
For Excellent, Good Credit
Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com, or wholesale clubs up to the quarterly maximum each time you activate.
For Excellent, Good Credit
Our application is quick and easy with instant pre-qualification available
For Fair / Good Credit

Other Questions in
Other