When looking online for a totally free credit report it is very important to understand some of the reasons why you really need to get your credit score right in front of your eyes now so that you can use your score for good business use. Lets now take a good look at 3 such reasons.
1.When lenders are looking over your financial history one of the most important aspects that hits them first is your FICO score. This tells them in a cold hard business sense how current you are at paying your bills and loans off. This enables them to give you a greater deal at lower interest rates.
2.Purchasing a car – When looking for a new or old car your credit score makes an impact as far as what kind of bargaining power you have to purchase the car of your dreams. Also your score will come in handy if your just looking to lease a car instead of buying it.
3.Purchasing home – This is actually the most important reason to stay current on your bills and keeping your credit score high. Purchasing a home is actually the first reason that FICO scores were actually put into use. Banks originally wanted an easy way to check your credit habits and whether you were trustworthy as far as them giving you a good sized loan. With credit checking such as this, Banks can now give themselves the best percentage of picking the most reliable consumers to lend to.
These are 3 of the top reasons to always be on top of your credit situation. This way you can pounce on a loan for for a home that you would need now for lets say a 5% mortgage rate instead of waiting 6 months later to find out that your credit rating has gone down due to a missed bill and your mortgage rate is now changed to 6%. Always have the knowledge of your financial credit situation on hand just in case there is a good deal available now that you would want to pounce on