It is important to build up your credit by using a credit card, but it is also important to know your credit score, not just once, but often. Your credit score is not only an indicator of how well your credit is at the moment, but it is also an indicator that your credit is safe. Credit card companies can make mistakes, and some of them could be severe enough to cause some real damage to your credit rather quickly. If the wrong person gets a hold of your social security number, or finds out too much about you through a virus on your computer or by committing phone fraud, then they can steal your identity, and therefore your credit as well.
It is therefore very important to monitor your credit score often to watch for large fluctuations. If your credit score all of a sudden crashes, you will know something is wrong and it is time to contact the credit card company immediately. The sooner you take care of the problem, the less of an ordeal it will be to fix it. You also don’t want to find out that your credit is severely damaged when trying to get a loan! Many times with identity fraud, it takes several months to a year or longer before the victim even finds out! You also do not want to find out while trying to get a loan that the credit card company has been making a mistake for a long time confusing your credit with another family member having the same name, especially if they have bad credit!
It is really easy to check your credit score often. There are many places on-line that you can use to check your credit score free of charge. As long as you are responsible with your credit card, it will really help your finances by allowing you to enjoy all the perks it offers just by using it without having to pay interest (as long as you pay off your balance in full each month), and you can also build your credit at the same time. And, as long as you check your credit score often, you can have the peace of mind that your credit is safe, and you will be able to get a loan with ease, knowing that you have good credit because you have been using your credit card the correct way and checking your credit score regularly!
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