We all know that the days of easy credit are long gone. Lately I’ve been reading about more and more people losing their lines of credit, having limits cut, or interest rates raised.
Learn more: Credit Guide: Everything You Need To Know About Credit
When Chase unexpectedly increased our rate, we took action. You can and should if it happens to you. No one should be at the whim of credit card companies feeling they can change anything at any time.
The reason Chase gave us for upping our interest rate was the “tough economic times.” Call me crazy but I thought as a valued customer -one the credit card company might want to keep- they would focus on keeping my business, and great customer service. Apparently their plan is to kick everyone when they are down.
Monitoring your credit score is more important than ever, as credit companies are taking a hard look at anyone with scores below 700 (some even taking a hard look 750 and below). Remember that your credit score can also effect things such as auto insurance, life insurance, job applications, etc.
Learn more: Credit Repair Kit For Dummies
My favorite tool for monitoring my credit score is Credit Karma. It is absolutely free, since they have offers from advertisers to “save” you money, and it is 100% secure. The best part is they send you a monthly reminder to check your score.
You could pay $8 (or more) to access your score from one of the major companies, but why spend money when you don’t have to?
As we are paying down debt we have seen our scores inch higher slowly. That is a super motivating feeling to see not only our overall debt shrink, but our credit scores inch up.
Do you know your credit score? Do you check it regularly?