Check the true cost of a credit card purchase before you buy.
How long will it take to pay off this purchase, and how much interest will you pay? Is it worth it?
How long will it take to pay off your existing balance?
Check your credit reports.
While the law allows us to get one for free per year from each of the three major Credit Reporting Agencies (CRAs) using this site, the CRAs now allow weekly reports due to the increase in fraud since the pandemic. Your credit score will not be affected when you check your reports.
Make a plan to paydown debt.
Like a snowball, build momentum and get the win.
Your AFC® says "Knowing the exact number isn't as important as taking the necessary steps to get a better credit score" .
What is a credit score?
A credit score is a number that represents a rating of how likely you are to repay a debt and make the payments on time. It's a moving number that changes daily, and there are many different ways to calculate your score. Lenders might use one of versions of the FICO®; score, VantageScore, a different model, or calculate their own number.
How is a credit score determined?
Your score is based on information on your credit reports. This is why its important for you to ensure your credit reports are accurate.
Why is my credit score important?
Your credit score can impact the interest rate on a loan or credit card. Some insurance companies also use credit report information, along with other factors, to help predict your likelihood of filing an insurance claim and the amount of the claim, and this can impact your premiums. A better score can save you money.
For more information on credit scores, browse the following:
Credit Scores by the Federal Trade Commission
Credit Reports and Scores by the Consumer Federal Protection Bureau
What's in my FICO® Scores? by Fair Isaac Corporation
Good Credit: what it can get you
A graphic from InCharge Credit Solutions that provides examples of the impact of your credit score on loans, credit cards, and insurance
Get a free estimate of your credit score:
The FICO® Score Estimator by Practical Money Skills, a Visa financial education product, does not store any data.
