Financial PSA?: Journey with Sam ... Gonna check my Credit reports 🤓

Good morning! :coffee:

I’m taking the time now to clean up my finances. Frankly, although I’ve been on the forums for ages … real life has been rough and I’ve ignored the health of my finances quite a bit. The first prize for procrastination goes to me! :partying_face:

So new year, new season in life … time to buckle down and do some cleaning. Get back into the groove :notes::musical_note::notes:

First off, time to check my credit report. In the USA, the three major credit reporting agencies are required by law to give us a free one each year. This is THE website to go about it. There are others but I believe most will wanna sell you something.

https://www.annualcreditreport.com/index.action

The method I use is simple, learnt it from a financial book. So just passing along advice that I paid for … don’t judge me since I’m no finance whiz :grin:.

The method is to not get all the reports in one go. Break it up to one every four months. This way you can check throughout the year. Assume I do Transunion this month, I’ll put a reminder on my calendar to pull one for Equifax in June, and Experion in October. Make them repeating annual reminders and no more forgetting. Which I tend to do but guess I have no excuse anymore. :flushed:

1 Like

If you need a financial accountability partner let me know. I dabble in financial motivational coaching :grimacing:

2 Likes

Thanks Kroth :kissing_heart:

I got a finance man already. He’s awesome … been with me since my carefree skanky days. Poor man, knows to automatically file tax extensions for me each year. :woman_facepalming:t2:

2 Likes

Credit Karma ftw

2 Likes

I came across that website. It’s very informative :heart_eyes:

The app is better, super fast fingerprint log in and always available.

I didn’t know they had an app. What is the advantage of using their app over doing it on my own? :thinking:

Different fico scoring models but the app updates your score weekly just like many banks these days.

The pull from the site you mentioned is more akin to why you’ll see when you apply for a new loan of sorts.

  • important to remember a credit score is not a good measure of wealth *
1 Like

I googled and it looks like Credit Karma uses the same scoring model my bank does.

So I wouldn’t have a need to use the app since you’re right … my bank updates my score weekly.

Nice. I’ve noticed Amex and Bank of America use a more traditional model on their apps

It’s Chase Bank. They also have trending and alerts when something is different. Notice above :point_up_2: … they noted that my credit score dropped by one point since last week. Also have advice on how to improve my credit score.

Although to be frank, there isn’t much room for improvement.

Based on the yellow outline I gotta say all you can do is to all the way up; can’t stop me no

Pasting you my chase credit journey for comparison

It’s more of a swoop than line …

My history, been steady even with all the bumps in my life. True, not an indicator of wealth

2 Likes

Swoop there it is

1 Like

We use the same bank. Shrunken world :slight_smile:

I use almost every bank so that’s kinda not fair

I’m small time … a couple is more than enough for me :slight_smile:

@Sam :hugs: :hugs: :hugs:

1 Like

Bravo to you to have that high FICO score. Gotta be easy to land low interest mortgage.

I don’t live in the USA and in my country we don’t have FICO score. Probably the banks have their own way to do the checking, which I don’t know how.

Speaking of financial situation, in my country borrowing money is not perceived positively. People tend to save money until they can buy/acquire the products/property they want. This is very different perspective with the majority of the countries I know.

1 Like

Pretty sure the USA is one of the only countries that highly encourages their citizens to go massively into debt ( spend money they don’t have). It’s pretty common sense, I think, to not spend money you don’t have though.

Our mortgage lenders also used to a proper financial analysis before lending money, instead of just looking at a made up score. Times have changed tremendously.

1 Like