Camille Styles

Money 101

5 Things Everyone Should Know About Their Credit Score

March 16th, 2017

featured image via Müjgan Afra Özceylan

Editor’s Note: Today’s post is authored by Erica Holland. In addition to her full-time role at a private equity firm, Erica runs a personal finance and lifestyle blog, ModMoney, where she simplifies personal finance in a relatable way, and dives into important “real world” topics seldom taught in school.

Most of us have swiped a credit card, paid a mortgage, or applied for a personal loan. Which also means we have a credit score that reflects how well we’ve managed it all. Monitoring your credit score may not be the most glamorous task, but it’s an important one because a lot is at stake. Your credit score can impact loan approvals, interest rates, insurance premiums, and even your next job! Here are some key things you need to know.

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  1. Jetté says:

    I like this post and find it very informative and important for women to read, as statistically, quite a few women are not as well versed on finances as we should be. However, let’s rethink the post total, as most women stopped being “girls” after they turned 18. To be considered equal to men and capable of managing our finances, we must first consider ourselves grown WOMEN, rather than girls. It is rare for us to refer to grown men as “boys”.

  2. Mia says:

    Thank you for addressing an important topic!

    Re: comment above: YES. Thank you, Jette. Very well said! That was the first thing I noticed too.

    Let’s stop infantilizing women as it minimizes their responsibilities and skills/talents.

  3. Hey ladies, thanks for sharing your thoughts on this topic! While I consider “girl” to be simply a casual reference to females (same as “guy” for males), I hear you. I’ve updated this particular post title to be non gender-specific, especially since the subject matter is specifically meant to empower women and help them be their most independent and capable selves! 🙂

    • Nicole Schindler says:

      I totally agree with you! @Camillestyles. If that were the case then everyone who says “girl’s night out” would be incorrect. I don’t believe we should feel like someone calling us a “girl” is infantilizing us, we are able to prove our own capabilities by our actions, not by what other people refer to us in a casual sense! Which goes perfectly with an informative post like this. Loved the post and learned a lot from it, I’m going to check out what I need to do to increase my score! (Also, who’s to say that ladies under 18 shouldn’t learn about their credit score also and prepare for their futures?)

  4. islandgirl80 says:

    VERY informative post!! thanks!!

  5. Whitney says:

    I think credit is so important and we should check it regularly by signing up for a service like Experian but I do want to say that Credit Karma is not your true score. I had been checking Credit Karma for a few months but went to apply for a car loan to find out that my credit was over 30 points higher than what Credit Karma was reporting.

    • Hi Whitney! It makes sense that the score Credit Karma showed you was different from the score your auto lender pulled. There are multiple types of credit scores – Credit Karma shows you your VantageScore, and your auto lender probably pulled your FICO. If you don’t have a credit card that offers 24/7 access to your FICO score or you don’t want to pay for it, I think Credit Karma is a useful tool to directionally track your score over time as you try to improve it. But I totally agree – if you want to see your true FICO score at any given point in time, an Experian subscription is a good option, and not too expensive.

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