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Monitor your credit score from "summary" of Manage Your Money Like a F*cking Grown-Up by Sam Beckbessinger
Checking your credit score regularly is an essential part of managing your finances like a responsible adult. Your credit score is a three-digit number that gives lenders an idea of how reliable you are when it comes to repaying debts. The higher your credit score, the more likely you are to be approved for loans, credit cards, and other forms of credit. On the flip side, a low credit score can make it difficult to borrow money or get favorable interest rates. One of the main reasons to monitor your credit score is to catch any errors or fraudulent activity that could be dragging your score down. Mistakes on your credit report can happen, and identity theft is a real threat in today's digital world. By regularly checking your credit score, you can spot any inaccuracies and take steps to correct them before they negatively impact your financial reputation. Another benefit of keeping an eye on your credit score is that it can help you track your progress over time. If you're working on improving your creditworthiness by paying off debts and managing your finances responsibly, seeing your score go up can be a rewarding experience. On the other hand, if your score starts to drop, it's a sign that you may need to make some changes to your financial habits. Monitoring your credit score can also help you prepare for major financial decisions, such as applying for a mortgage or a car loan. Lenders use your credit score to determine the interest rate they offer you, so having a good score can save you thousands of dollars in interest payments over the life of a loan. By keeping tabs on your credit score, you can make sure you're in the best possible position to qualify for the best rates available.- Staying on top of your credit score is a simple yet powerful way to take control of your financial future. By regularly checking your score, you can catch errors, track your progress, and position yourself for success when it comes to borrowing money. Don't wait until you need credit to pay attention to your score – start monitoring it now and make informed decisions that will benefit you in the long run.
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