It is important to check your credit score routinely. We recommend using a site like creditkarma.com to check your credit score because it is easy to understand, it is accurate and it is free. (*Note: we are not affiliated with CreditKarma, we just recommend it because we use it ourselves)
How often should you check your credit score?
You want to check your credit score on a routine basis. We recommend once a month.
Because there are many factors that impact your score, your score moves up and down all the time. These factors are things like opening up new accounts, paying off debt, incurring debt, fraudulent charges and more.
Monitoring your credit score every month gives you a baseline on your score and helps you catch any discrepancies.
Credit monitoring sites, like Credit Karma, have features that show you what your credit score may be based on certain factors like opening another credit card, closing your oldest credit card, paying off a large loan, missing a payment, etc. We say “may” because these estimates are not always 100% correct, but they do give you a sense for what you could expect.
What makes up your credit score?
It is important that you know and understand your credit score. It is a calculation based on complex algorithm with thousands of variables. But it all boils down to 5 primary factors: payment history, amount owed, length of credit history, credit mix, new credit. Learn more about what makes up your credit score.
What is your credit report?
Each year, you should get a free credit report from annualcreditreport.com to do a deep check of your credit history. You want to keep a routine eye on any new accounts and closed accounts on your report and make sure there is nothing that sticks out as unauthorized.
How often should you check your credit report?
Keeping up with your credit history on at least an annual basis is key. The federal government mandates that every US Citizen is given one free credit report annually. While checking your credit score on a routine basis is advised, doing a thorough review of your credit history is vital. Within your credit history report, you will see all of your account opening and closing dates, all payment history, and details about everything you need to know about your credit score.