Ever wonder about why you can’t get approved for that credit card / car loan / ect? Here is some basic credit / credit report info I put together a while back to answer some basic questions.
Today you can get your credit report online instantly (instead via mail which took up to 8 days) after answering enough questions to prove your identity. I personally like equifax’s reports because you can your FICO score which is what most lenders use to determine if and how much to approve you for. I tend to laugh at most credit protection “services” (out loud at the people offering them) that charge $50-120 a year to protect your credit and give you a “free” copy of your credit report (sometimes more than 1!) “OR” I say “I can go get my credit report for $12 (ah remember the good old days when it was $8 — damn Euro devaluing the dollar!) and take myself out somewhere nice with my money saved…”
Checking your credit more than once a year is pretty much overkill… it often only updates every 3 or 4 months, but checking in every year or so is a good idea — just so any mistakes are taken care of in your free time and not when you really, really, really want to buy that new Porche 911 now, now, now! Not to mention the embarassment saved at your local Porche dealership. (ah the nouveau riche…)