I read about this in TIME magazine, so I assume it is legit.

https://www.annualcreditreport.com/cra/index.jsp

Folks who live out west can do theirs already, others have a timeline when they can check their free credit report (once a year)

Apparently this site was set up due to the Fair and Accurate Credit Transactions Act.

 

From what I've been told, everytime you go to check your credit score, it drops your rating a little though. Same with applying for loans and getting shot down. Kind of a catch 22, I guess.

 

If you check you own it doesn't show on the report. Having a check done by a credit company does show but doesn't really hurt unless you have a lot. If you get denied credit then you can get your report for free for up to 60 days. You should get you credit reports once a year to check them for discrepancy I got mine last week and found something what I am disputing.

 

I use the Equifax service. I'm not so much concerned with my credit score as I am with people opening accounts (identity theft) in my name. There have been a few bumps in the road with Equifax, but I still use them because their service is sound. Part of the service is 4 free reports per year. In my experience, the minimum cost service with Credit Watch fits my needs.

I would encourage a Google search to see if there are other options better for you.

Dave...

 

I use Truecredit and it gives you all three reports and your credit score. you get it online and have access to it for a month. It did cost $30 but thats not that bad.
I have my score but i really don't know what the standards are when applying for credit.
xxx points get you a better interest rate and higher amount than a lower point, but is there a set guide and what is it?

 

I don't know, credit seems like a contradiction to me. You need it to buy anything "big," i.e a house, car, whatever, but no one will give it to you, often siting the reason as "insufficent credit." My folks always tell me no credit is better than bad credit, though.

 

That's right, you have to earn it through years of paying bills and borrowing money then paying it back on time.

 

Yes, but the idea is that often times, you'll (or at least I did) get shot down applying for a loan when first starting out, so how are you supposed to borrow money when no one will loan it out to you since you have a "lack of credit history."

Cart before the horse.

 

I agree, I came to the US. in 1992 with no credit. I had to get a cosigner for my apartment. I started with a credit card where you sent off $200 and then that's your limit. After a few months I was able to get a sears card and then start making credit.

 

Something I have learned about credit and credit reports…

First to get the “big” things later in life like cars, houses etc you have to have a history of credit. Thus, the key word is history and you go about that like anything else. You start at the bottom and work you way up.

You could start with a small bank loan, $500 or so, a few credit cards which will have small limits like $250.

If you are going to get a credit card to establish credit you HAVE to use it and pay ONLY the minimum or a little more. If you pay it off every month you don’t get any real credit history.

Credit history is all about can you pay your obligations on a timely manner. Credit company’s want to see you make consistently “on-time” payments, if your paying off credit cards your not making “on-time” or timely payments your just paying it off.

Now, we are talking in the growing years, the first 5 years or so when it is NOT good to pay things off in full or early because when you do you don’t leave much of a track record on how you might pay off future BIG MONEY obligations.

Credit companies basically know that the ordinary person can not pay off a mortgage in just a few months, nor can they pay off a car loan in a few months and that’s why it is important to establish a track record on making timely payments ON TIME!!!

Second, you can check your credit as often as you like and it will NEVER affect your score. However, when creditors check your credit is DOES affect your score especially if a creditor is checking it every month. It depends on the cycle and my understanding is every time your credit is checked by a creditor (on your behalf) it cost you 4 points or so and stays on your credit record for 3 – 6 months.

Now, if a creditor is checking your credit “on your behalf” every month you start losing BIG points because it looks like your hunting for goodies that nobody wants you to have and that makes you look like a BIG risk.

Credit inquires in a short time span count as ONE credit inquire and thus don’t hurt your score. So if you out looking for a new car and the dealers are pulling your credit report it can cost you some points. However, if your going from dealer to dealer in a 2 week time period then all those inquires look like ONE and don’t cost you any additional points because to the credit man it appears your out shopping for a good deal. Same with looking for a mortgage, it should be done in a short time span of like 2 weeks.

Two biggest things that can bring your credit rating down is late payments and high balances on your credit cards. Once you’ve been in the game a while, where your able to get credit for cars and such your debt on your credit cards now affects you negatively.

You typically get the highest points (in reference to credit cards) if you maintain a debt ratio of approx. 35 – 40%. In other words if you have a card with a $1,000 limit you get the highest points if the balance is approx. $350 - $400. Don’t ask me why that is true because I don’t make the rules it just happens to work out that way…

 

I got a business loan from a bank when I was 19 for $19,000 with a co-sign from my mom. After I paid that, my loan officer will give me any money I need for the business with no co-sign. I got $15,000 after that one. The bank knew my grandpa and I'm sure that helped. It's not what you know, it's who you know.

I got a loan from Ford Credit with no co-sign at age 20. I did it by putting 25% down on a $26,000 F-250 Powerstroke.

Two different ways to get a loan and build credit. Hope that helps.

 

I hate that they reward people that overdraw a bit and pay the minimum (raping interest rates) and punish those that use credit instead of cash and pay it off every month. Kinda bass ackwards if u ask me.

"Sorry Bob, we cant give you this loan on your house, you were responsible when you were younger and didnt hold a large balance on your credit cards."

 

I've had lots of experience with my credit.

I check my credit about 2-3 times a year. We all will be allowed 1 free credit report starting this year. They've broken the country up into 4 sections and whatever area you live in determines when you can get your free report. I live in Texas and we can get ours starting in July I think.

For those of you who take credit lightly..don't. Pay your bills, you don't want negative credit, it's a pain in the a@@.

I had an item show up on my credit last year...this item was over 10 yrs old and it was from somewhere that I had never shopped from. Anyways they took it off and instead of raising my score it actually lowered it about 20 points.

Anyways it's confusing how the figure the credit score out.

 

I absolutely agree with you there. It is kind of *** backwards. However, once you own a home it’s not so hard to get any kind of credit because they credit man figures he has something to come get if you don’t pay up.

The credit man is really beginning to remind me of the tax man, any one have some tar and feathers?