The Banes Of Not Knowing Your Credit Score

By Kishore Sabareeshan | August 3, 2019

Wondering how different your financial life would be if you completely ignored your Credit Score? Well, read on to find out the banes of doing so!

The Banes Of Not Knowing Your Credit Score

Thinking of giving your Credit Score the cold shoulder? Well, brace yourself! Of late, Credit Scores have become very important in the financial world, and the hype is surely real because it is one of the most important tools used by lenders to gauge if a person is credit-worthy or not.

Additional Reading: 11 Things That Don’t Affect Your Credit Score

Now surely, there may be a handful of hipsters out there who are wondering why they should care about their Credit Score, so let’s assume you ignore your Credit Score and go about your finances. What’s the worst that could happen? Well, read on to find out for yourself!

Here are the banes of not knowing your Credit Score.

Higher Chances of Credit Rejection

If you don’t know your Credit Score, you’re pretty much shooting in the dark every time you apply for a Credit Card or loan. The advantage of checking your Credit Score beforehand is that it tells you if your score is looking good or not. If it is, you can apply right away, but if it isn’t, you can always improve it and apply for credit later. Without knowing where you stand, you just won’t know how to smartly plan your credit applications and maximise chances of credit approval!

Additional Reading: All About Your Credit Score

Errors On Your Credit Report Go Unnoticed

Whenever you check your Credit Score, you get your FREE detailed analysis report which contains important information about your credit history. Now, reports are vulnerable to the occasional error. This is why experts recommend that you periodically read your report and identify any incorrect information at an early stage so that it can be rectified. Now, if you choose to ignore your Credit Score, you’ll have no clue whether your credit report contains errors or not, so you’re likely to lose out on Credit Score points due to pure negligence.

No Insights On How To Better Your Credit History

Your FREE credit report will show you what’s helping your Credit Score and what’s not, and you can use these insights to give your Credit Score a boost. Once your Credit Score crosses the ‘750’ mark, you can be sure to get great deals on Personal Loans, Credit Cards, and much more. Now, if you choose to ignore your Credit Score, you won’t have a clue about how well you’re managing your credit, so if you’ve been hurting your Credit Score, you may just worsen the situation because you won’t know what you’re doing wrong and you’ll continue doing it.

Additional Reading: Getting A 750+ Credit Score Is Easy! Follow These Steps

The above points should paint quite a picture of how ignoring your Credit Score may negatively impact your credit decisions, so why not embrace the hype, because, it’s real! In fact, Credit Scores have had such a positive impact on banking customers because it empowers them to take charge of their finances.

What’s more? Checking your Credit Score won’t cost you a thing. Also, you can do it multiple times. Why not start now?

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Category: Credit score
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About Kishore Sabareeshan

Kishore likes watching documentaries and discovering unheard of musicians on Youtube. When he's not devouring street food in Bengaluru, he's usually in the jungles looking for big cats.

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