As we move into 2020, credit continues to be a buzzword for consumers, but many people are unsure what part credit plays in their personal finances. In a new 5-part series, Credit 101, Ilyce Glink, an award-winning personal finance columnist and CEO of the financial wellness platform Best Money Moves, details important information you need to know about your credit reports and scores. Create a myEquifax account (at www.myEquifax.com) to receive six free Equifax credit reports every 12 months.
Where Can I Check Credit Scores?
Contrary to popular belief, credit scores are not part of your credit report but instead may be requested separately from each of the three nationwide reporting agencies or from other reporting companies.
Through Equifax Core Credit™, you can get a free monthly Equifax credit report and a free monthly VantageScore 3.0 credit score, based on Equifax data. (A VantageScore is one of many types of credit scores). to enroll, visit www.myEquifax.com to create a myEquifax account, then click “Get my free credit score” to enroll in Credit Core.
This article is part of our Credit 101 series, where we break down information about your credit reports and credit scores. Read more about credit reports on Equifax.com:
What is a Credit Score?
What is a Good Credit Score?
Read more of the series Credit 101 series here:
My credit rating is in the 790s. I use my credit cards to pay for most things s o that I get the 1-3 % cash back. My credit card balances are paid in full every month by automatic deduction from from my checking account. I find that any time I use my cards to pay a large amount ($3,000.00 or more) my credit score will drop a few points because of the debt ratio. This happen even though the full amount is paid off that month. My score goes back up, but it seems to take a couple of months. I find this irritating as it does not seem to take into account that the full amount is paid when billed, I do not carry a balance. The only way I can avoid this is to call or go on line a few days after using the card and paying it before it is billed. Last week I charged over $6,000.00 in auto repairs and vet bills, so now have to remember to pay it before the billing cycle instead of waiting for the full amount to be paid by automatic deduction from my checking account.