Credit Score?

**akolb** · 01-05-2011, 12:39 PM

So I just requested and printed out my credit reports for this year. No surprises. 2 potentially negative items (one stemming from jerky ex-roomate/friend who never paid off HER cable bill that was in my name...paid it off, learned my lesson, don't need a lecture)

So my question is, if we aren't planning on refinancing mortgage, applying for a personal loan or trying to get a credit card, do I really need to know what my Credit Score # is? Or is it ok to just keep a record of my reports. Just wondering. When we got the house in Dec 09 my credit score was in the high 700's and I've sense paid off 2 rotating credit cards so it should be higher.

Any thoughts?

**Russ** · 01-05-2011, 12:48 PM

Check your credit REPORT once/year since it is free because it helps, however little, to keep on eye on it in case someone opens up credit in your name. Your SCORE doesn't matter so much.<< IMO.

**akolb** · 01-05-2011, 01:06 PM

Thanks Russ, that's what I was thinking. Just wanted to make sure I was looking at the situation right!

**Nishu** · 01-05-2011, 01:32 PM

As long as your credit report is okay, I wouldn't worry about your credit score. It's not really something you need to know. The things that aren't overtly obvious on a credit report, like not utilizing credit enough or not having enough available credit on your cards, really aren't going to damage your credit score that dramatically. If you change your mind about refinancing, you might want to go ahead and check your credit score beforehand. You can raise or lower it a few points in the space of month and sometimes that makes a difference.

I guess it's a matter of personal opinion on the yearly checking of your credit report. I pay for credit monitoring so I can check it whenever I want, but that's probably overkill. Still, it doesn't take an entire year for someone to completely trash your credit if they steal your identity. My husband's work requires a security clearance so they pull his credit report periodically so I'm kind of over protective of his credit.

**Lindsey** · 01-06-2011, 02:46 PM

We, like Nishu, have credit monitoring. It's through our bank and it's around $5.50 a month. We also have it for the same reason as Nishu, hubbys clearance and a few other reasons (DH and FIL have same name with no Jr. or Sr. seperating them *urg*).

One thing I did notice; after being debt free for several years his credit score started to drop. So, we went out and got a 6 month loan on my car and although, at first it dropped about 10 points it started going back up to be where we want it by the time it was paid off. We plan on buying a house and it won't be paid for all the way in cash, so we still need a good credit score even if it weren't for the military.

**Josephhgoins** · 01-06-2011, 04:10 PM

Actually, there is a reason you want that score as high as it can be. I didn't know this myself until a few years ago, but did you know that your insurance company checks it before they let you get a policy? Also, when its time to renew they check it and those with poorer scores will pay higher amounts for the same coverage as those with better scores? Also, did you know that more and more rental agencies and land lords are checking it too?

Also, its just good planning to keep it accurate and high. The only constant in life is change and you never know when something will happen completely out of your control that you will need a good score.

Not sure if you own or rent, but if you rent and want to own an article I recently read said that the only way to get the best mortgage rate is to have a score of at least 720.

**Ponderer** · 01-09-2011, 10:32 PM

Originally Posted by Josephhgoins

Actually, there is a reason you want that score as high as it can be. I didn't know this myself until a few years ago, but did you know that your insurance company checks it before they let you get a policy? Also, when its time to renew they check it and those with poorer scores will pay higher amounts for the same coverage as those with better scores? Also, did you know that more and more rental agencies and land lords are checking it too?

Also, its just good planning to keep it accurate and high. The only constant in life is change and you never know when something will happen completely out of your control that you will need a good score.

Not sure if you own or rent, but if you rent and want to own an article I recently read said that the only way to get the best mortgage rate is to have a score of at least 720.

I don't think anyone is saying you should not want it as high as it can be.....you just don't need to pay to see it every year. If you are doing the annualcreditreport.com, which is the free service, you have to pay to see the actual score. As long as everything is accurate on the report then paying to see the number is a personal choice. Perhaps paying the extra every other year would be a good compromise. The cheapest way to do it is to add it on at the time of the freebie....then it is only like a $7 dollar add on.

**MomToTwoBoys** · 01-10-2011, 12:19 AM

A lot of people are starting to check your credit for just about everything. If you're trying to land a good job, get a loan for school, rent an apartment, etc. then you're going to need one that's pretty high. Our credit score is immaculate and that helped us lock in a really low interest rate. I was also credit checked for things like utilities and the cable bill.