Equifax Credit Report Guide
2010
Do I need to know my credit score?
I’m 19 years old and I’ve had (and used) a credit card for a year. I’ve paid the entire balance every month I’ve had it before the due date. So I’m guessing I have a good credit score. I’m about to embark on the car buying journey and I’m going to need a loan of around $5000. I read the Consumer Reports new car buying guide and it said that it’s good to know your credit score before trying to get a loan. Is this true in my case? Do I need to know the score? If so, which one? TransUnion, Equifax, or Experian? Or all 3? From what I understand, all 3 will give me a free report but the FICO is not free.
You’re right, it is true that you should know your scores before you go shopping for a car or mortgage.
The ONLY place you should spend money on scores is on FICO scores. Don’t waste your money on anything else.
Go to the myfico site below.
Scores in the 700’s get the best rates.
24 months of credit history helps.
As for the last question, yes, you need to know all three.
FICO looks at each credit bureau and gives a score for each one. So, there will be three scores! Lenders usually take the middle score for their lending purpose.
Use this discount code at FICO and get 20% off:
MW01
The scores are 15.95 each, expensive, but well worth it as they are far more accurate than any where else.
Also, before you spend the money, use the FICO score simulator in the link below. It will give you an estimate of where you are, then get the FICO’s.
At the fico site, click buy now, and it will give you an option for all three credit bureaus. Choose one, or all three. Best to get them all.
Authors@Google: Ramit Sethi
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