Your Credit Report: The First Step for Your Financial Foundation

[moneyman]

We as consumers have the responsibility to make sure our credit report is accurate as the our reports are used in many of our personal financial dealings. Taking a look at your credit report on on regular basis is the foundation for successful financial planning.

In addition to reviewing your credit report regularly, you must also know your FICO score. In fact, maintaining an accurate credit report is a part and parcel of good credit management, which can help to improve your FICO scores over time.

Most Folks Don't Review Their Credit Report

The first time many people see their credit report is when they are about to buy a home or a car. However, the most opportune time to get your credit reports is long before you apply for any loan.

Long before applying for a mortgage you ought to make sure that the information contained in credit reports is accurate. The truth is that this information is essential and will have a significant impact on your ability to obtain certain loan packages.

Understanding credit reports is as vital to you, the consumer, as it is to the lending and financial institutions of the world. Understanding this information is one key to figuring out the loan process.

[LuxLiving]

I agree that an accurate credit report is important, but don't feel that it is the first step in a solid financial foundation. IMHO, the first step is in your heart & head. How you've decided to deal with your finances colors everything else you do. Hopefully that decision is a pro-active responsible one - for your benefit and those of your creditors, if you chose to have any.

[Joan.of.the.Arch]

I, too, find the title claim that a credit report is our first step to our financial foundation to be exaggerated.

This is the fourth article or truncated article you have posted. Do you wish to have discussion here? I'm guessing you are at least the author, as you also provide the link to the single website with the articles. If you do not participate in discussion here, though, I get the idea that you are just trying to draw traffic to you own site.

[tabbycat31]

I have my credit reports. Fico score is another story. I'd love to know mine, but I will not pay for that.

[jIM_Ohio]

Originally Posted by LuxLiving

I agree that an accurate credit report is important, but don't feel that it is the first step in a solid financial foundation. IMHO, the first step is in your heart & head. How you've decided to deal with your finances colors everything else you do. Hopefully that decision is a pro-active responsible one - for your benefit and those of your creditors, if you chose to have any.

I'd rather have a low credit score and lots of liquid cash than a high credit score and struggling month to month to pay bills.

The people which use credit will have a high credit score. We just refinanced our house... I think my scores were 780, 760 and 740, wife's were 711, 712 and 711. My wife's scores were higher than before and mine were slightly lower than before.

I was DINGED because I have lots of revolving credit (best buy, circuit city, CC) with zero balances and NO activity. Meaning if I do more of the same, my scores will keep going down. Good for me. I have my house and drive a Honda. I won't need credit (I hope) for ~10 years.

[vsjhoc]

Originally Posted by jIM_Ohio

I have my house and drive a Honda. I won't need credit (I hope) for ~10 years.

Credit reports/scores are used for many more purposes than doling out mortgages and auto loans.

Auto insurers now determine your eligibility for insurance and the amount of your premiums based on your credit. Potential employers are checking applicants' credit more frequently. Forget about getting a security clearance if you've got bad credit. And who knows, you may decide to start your own business in the next decade, and if you need financing ...

I agree it's important to monitor your credit reports for accuracy, but you don't need to track your scores. They fluctuate a lot, and they matter only at the time you apply. No need to pay for them before then.