Why Checking Your Credit Score Matters

Keeping track of your credit score is essential for maintaining financial health. Whether you're applying for a credit card, mortgage, car loan, or an online title loan, your credit score plays a major role in determining approval and interest rates.

In this guide, we'll break down how to check your credit score and explain when an online title loan can help with financial emergencies.

How To Check Your Credit Score

In essence, your credit score measures your past responsibility when it comes to borrowing and paying back the money.

Part of personal finance 101 is keeping tabs on your credit score so that you’re in good shape to get approved for important things like a new apartment or house mortgage or car.

A lot of people don’t understand the basics of credit scoring and why it’s so important for their personal finance. In essence, lenders want to easily assess potential borrowers. If you seem too risky i.e. liable to default on a loan, they won’t want to conduct business with you.

You don’t want to have trouble getting loans as they are a normal and important part of personal finance. They help prevent things like getting denied for a car, or apartment, or a mortgage that could make your life a lot more difficult. Plus, a great credit score will get you a much better interest rate on your loans.

So, while there are plenty of ways to improve your credit, these are just a few that touch the surface. Here are three key facets to keep in mind when it comes to a strong credit score:

• Always be sure to pay back the minimum balance on time. Not paying for more than thirty days is known as “delinquency,” and more than ninety days could result in defaulting on your loan, both of which will hurt your credit score.
• To keep your credit utilization ratio down, keep your credit card balances around one-third or less of your overall credit limit – or spending limit.
• Don’t unnecessarily cancel old credit card accounts or open new ones, as this can also hurt your score.

Check With Your Credit Card Company

Many major credit card companies and other financial institutions now offer to provide you with your credit score. JP Morgan Chase, for example, highlights a credit scoring service called Credit Journey on their mobile app.

Another popular personal finance 101 service, TurboTax, may recommend Credit Karma after you file your taxes. Since these might be free or discounted services, it’s worth checking here first.

Order Your Credit Report From Credit Bureaus

Another tip for personal finance 101 is checking your credit score directly. You’re allowed to get a free copy of your credit report once a year from the three major credit scoring companies — Experian, Equifax, and TransUnion.

If you do one every four months, then you’ll be able to check your credit score for free three times a year. The only problem is that these credit reports might not actually contain your credit score, meaning that you may want to use a free or paid credit scoring service.

Use Free or Paid Credit Monitoring Services

Using a credit score service is definitely personal finance 101. You can use a service like Credit Karma to check your credit score for free. It would appear that they make money through advertising and partnerships with credit card companies, as they suggest credit cards and loans for you to check out.

Credit Karma is also nice because it breaks down the various major factors that dictate your credit score, like your credit age, credit card use, payment history, derogatory marks, and so on.

 

 

How To Improve Your Credit Score

Improving your credit score takes time and consistency. Here are three key strategies:

• Make On-Time Payments – Pay at least the minimum due each month.
  
• Keep Credit Utilization Low – Use less than 30% of your available credit.
  
• Avoid Opening or Closing Too Many Accounts – Too many hard inquiries can hurt your score.

Tip: Set up automatic payments or reminders to avoid missing due dates.

Need Emergency Cash? Consider an Online Title Loan

It’s super important to stay on top of your credit score as an essential part of personal finance 101. Sometimes, however, you might be hit with an emergency that makes it nearly impossible for you to stay up on your card or loan payments and ensure that your credit score is as high as possible.

What Is an Online Title Loan?

An online title loan allows you to borrow money using your vehicle’s title as collateral. Unlike traditional loans, this option provides:

• Fast approval – Get cash the same day
  
• No credit check required
  
• Keep your vehicle while repaying the loan

Tip: If you need urgent financial assistance, an online car title loan may be the right option.

With an online title loan from Fast Auto Loans, Inc., you can get approved quickly and easily. An online title loan is a loan you get using your vehicle’s title as collateral. The best part about this is you don’t even have to come into the nearest online title loan location. Just reach out to a representative so you can set up an appointment where you will bring your vehicle for inspection along with the lien-free title and your driver’s license or government-issued ID.

This loan is meant to help with emergency expenses – not to raise your credit score. We don’t even report to credit bureaus if you default on your loan. This means your credit isn’t affected by this loan. And since it isn’t a permanent fix, you shouldn’t take it out if you don’t really need help. But this loan will help get your emergency expenses out of the way so you can get back to improving your credit.

How To Apply for an Online Title Loan

Getting an online title loan is not a difficult process. It begins with you filling out the online form from our homepage at Fast Auto Loans, Inc. Once it is filled out, a loan representative from the nearest location will give you a call to set up the meeting.

Once the meeting is set, you can grab your driver’s license or ID, your vehicle’s title, and the vehicle. They will assess your items and inspect your vehicle to determine how much you could qualify for. If you get approved, you will get the cash either the same day or the next bank business day.

When Should You Consider an Online Title Loan?

A title loan online is best used for emergency expenses, such as:

Car repairs – Cover unexpected mechanical issues.
Medical bills – Get immediate funds for urgent treatments.
Home repairs – Fix essential household damages.

Start Monitoring Your Credit Score & Plan Your Finances Today

Knowing how to check your credit score is important to keep you on your financial track. Remember these tips when you want to check your score. And if you need help with emergency expenses, turn to an online title loan from Fast Auto Loans, Inc. today. Fill out the online form today to get started. 

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.