When about to submit your application for a refinancing loan or even your application for a credit card, you should double check if you have complied with all the requirements. However, you may want to make your own verification with First Isaacs and Co (FICO) and check credit score first before submitting your application. This way you are aware of the resulting credit score, lenders will get when background and credit inquiries about you have been made.
Once lenders check credit scores appearing in your credit history, what they see will be the basis for their decision. You may think you have been keeping your payments up to date and succeeded in maintaining your credit records clean. You will be surprised if your credit application will be turned down due to a poor credit score. If you had made a prior check credit score measure before submitting your application, you may have known before hand if there were errors or unauthorized purchases made against your credit card. Your only recourse is to get in touch with the credit monitoring bureau who provided the wrong information to FICO.
The credit monitoring bureau who supplied FICO with the credit history info that greatly affected your credit score has 30 days to correct your records. This way, FICO can correct your credit score. Hence, it is important for you to check credit score first before having your loan application processed. This is to make sure that the lenders will get a correct impression of your credit ability based on the correct credit score.
However, it will also be to your advantage if you maintain a constant monitoring of your own credit history records. You will be able to check credit score and see if anything unauthorized seems to be pulling your credit score down. You can visit FICO’s website and check out an online facility called My Fico Score. Through this facility, you can regularly make a check credit score routine to see if your credit score is improving or suffering from bad points.
If you want a more specialized type of service, you can be a paying member where other benefits will be extended to you as a check credit score monitoring process. The site will create you’re Fico score account and the check credit score steps will provide you with the following:
1. A daily credit report from a credit monitoring bureau containing the credit history information to be supplied to FICO, as the latter’s basis in computing your credit score.
2. A weekly report of your FICO credit score.
3. A notice to inform you if you have reached the FICO score you need to qualify for a loan. If you have an existing loan and your score has improved, it will also notify you if your credit score makes you eligible for negotiating a lower interest rate.
4. Effective check credit score monitoring systems will immediate notify you of any credit info that will adversely affect your FICO credit score. This way you can be alerted of unauthorized purchases that may be affecting your credit history especially if they were purchases in excess of your credit limits.
5. However, make sure that all inquiries about your credit score are made under your name. Third party inquiries create negative impressions; they may be misconstrued as other creditors or lenders that check credit score related to your account with them or regarding additional credit applications.
Maintain a constant check credit score system but be sure to do it in the proper way. A check credit score if not done accordingly and constantly appearing on your credit history can also result to deductible credit score points.