One of the things that Specialized Consumer Strategies Solutions focuses on with their clients is maintaining a good credit score. Many people do not understand what a credit score is or why it is important, but it can actually have a huge effect on your financial life. Simply put, a credit score is a numerical reflection of your history of debt and making payments. They higher the number, the easier it will be for you to take out a mortgage, buy a car, open a new credit card, and more. It is very important for everyone to be aware of what their credit score is, so they can work to maintain or improve it.
One of the most common misconceptions about credit cards is that looking up your own credit score will hurt it. This stems from a confusion between ‘hard inquiries’ and ‘soft inquiries’. A hard inquiry is when a lender, such as a mortgage or credit card company, checks your credit score in order to potentially approve you for a loan. These inquiries can hurt your credit score over time. However, a soft inquiry, which occurs when you check your own credit score, will not have any impact on it at all. Other kinds of soft inquiries include background checks.
It is very easy to check your credit score online. Many banks will allow you to check your credit score through their online banking system. You can also request a hard copy of your credit report through annualcreditreport.com. Specialized Consumer Strategies Solutions can help you improve your credit score through their financial advising.
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