One of the most important and responsible things that you can do for yourself as your build and grow your financial knowledge is to know your Credit Score.
Why you may ask?!? Well where do I start?!?
First of all by knowing your Credit Score you know where you stand financially. Your Credit Score is kind of like your report card, scoring how responsible you have been with managing your access to credit. It is a score out of 1200..and to find it out, you just need your contact details and your drivers licence.
A good score is usually anything above 750…and if you have a good score you could potentially access a more competitively priced interest rate or better deal with some of your financial products as you have demonstrated that you are responsible with managing your debts.
Where as a low score can act as a warning signal for you to improve the way that you manage your finances, because if you don’t make the positive changes, this may impact your ability to borrow money in the future and block you from achieving some of your goals and dreams, like buying a home! Scary!
I promise finding out your Credit Score is super easy, fast and even better FREE! I was slightly nervous when I did mine, and it was quite satisfying when I found out what my score was…in fact it gave me some motivation to try and get a higher score!
I am hoping to do more videos on this subject matter as it is so important that you understand what your Credit Score is and that you keep it in a healthy range. Let me know how you go and I look forward to explaining more about the importance of Credit Scoring…