Financial Education

 

Check Credit Rating

Why You Should Monitor Your Score
Lenders evaluate your beacon credit score based on how it compares to other consumers' scores. Rates and terms are then assigned to the different score levels. Knowing your score is essential when it's time to apply for credit or a loan. You will have the information you need to negotiate better interest rates, which can save you money over the life of a loan.

For that reason, you will want to check your beacon credit score and take steps to improve it before you make any big purchase for which you might use credit. And checking it once might not be enough. That's because your score changes over time.

As the information changes in your credit file, so will any new score based on your credit information. So your score from a month ago is probably not the same score a lender would get from the credit reporting agency today. By monitoring your score, you'll be in a better position to decide when it's the best time to apply for a loan or credit.