Just thought I would share the news. I checked my credit report for the first time in 18 months, today. I usually try to check it every year, but I just plain forgot about it. Checking it every year is a good reality check and always makes me stay focused on my debts and motivates me at the same time.
So, how did I do? Well, the big news since I last checked my credit score is that I payed off my car loan. I didn’t think this would offset my high revolving credit card balances, which have gone up in recent months. Boy did I get a surprise. The average of Transunion, Equifax, and Experian was in the high 700’s. The score has gone up significantly. The main problem that each report points to is my high revolving “non-mortgage/installment” balances, i.e. credit cards. This I total agree with and have recently reworked my budget to help make paying them off my next big financial goal. However, the trick is going to be keeping them payed off. Wish me luck!
On a side note, I always use myFico to check my credit report. They have been great and are well worth the $47.85 cost for the three detailed reports. My brother swears by freecreditreport.com, but I’ve heard some not so great things about them. One thing I don’t like is the fact that you only get your Experian score for free and still have to pay for the other two. For me, Experian was the highest where as Transunion was the lowest. The difference puts me into two different interest rate categories, which could mean thousands of dollars in the long run.