This will help you determine your financial health.
If you plan on applying for a loan, then you are saying that the lender can “check my credit” to see if you can be approved.
This type of inquiry will affect your credit score.
You can do a free credit check once a month with a basic account or get daily free credit checks with a premium account.
Once you open your new account you will get an instant credit check from Trans Union, using Vantage Score 3.0, which has their own way to calculate credit scores.
Being aware of your credit score will help you understand your financial standing and give you the ability to know what next steps to take to improve it.
We use Trans Union (Vantage Score) to show you what’s impacting your credit score, if you are overpaying on your loans and credit cards, and how your financial picture compares to your peers.
While the fact that your credit score hasn’t moved in a few months might seem concerning, it will likely seem less so in the context of a sixty-point improvement over an entire year.
When you open a new line of credit, a few immediate changes are usually made to your credit report.
However, as you begin to diligently pay off your bills, the additional on-time payments, the higher number of total accounts and your now-growing age of credit history will likely outweigh the initial downsides, and your score can benefit in the long term.
Credit is simply the ability for a consumer to be able to borrow money in order to purchase a product or service.
This scoring range starts at 300 as the poorest score and goes up to 850 as the highest range possible, or excellent credit.