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I was in the market for a new car, so I headed over to my area Toyota dealership to check out the new 2015 Camry’s. First, the 2015 Camry is awesome. It’s new sleek redesign makes it look much sportier than the old model. I love it.
For those who are thinking it’s a waste of money to lease or buy new, and against everything Dave Ramsey teaches, to that I say, ‘I don’t care.’
I like a new car. I like the dependability of driving a new car, I like the new car smell, I like the upgrades you get, I like how music sounds in a new stereo system. Bottom line – I like the whole thing.
I’ve got zero credit card debt, a house that’s just about paid for and very little expenses. For me, my desire to have a dependable vehicle outweighs all the reasons Dave gives you for not buying new. And, I believe it’s really a personal thing when you’re in the position I’m in. If I had credit card debt and had different financial circumstances, I’d be the first person to say, ‘don’t buy a new car.’ But I’m not, so I don’t.
So, I’m at the end of the process. I have made my selection and now comes the part where they’ll check my credit score because I’m going to lease. Leasing is a good option for me with my business; it affords me tax benefits I wouldn’t otherwise get.
The finance guy hands me a paper and on the top it has my credit score. It was a whopping 803. I nearly fell off my seat. Last time I checked, it was in the high 700’s but I never thought I’d push the 800 mark.
The guy looked at me and said, “Finance guys like me bow down to you. We never see scores like that, you can buy whatever you want.”
A couple of years ago, changes in the law required you be given a copy of your credit score if your credit score is used to deny you credit, revoke your credit or change the existing terms of your credit. The lender has to provide you with the particular score that was used to make the decision. Along with your credit score, you get the range of scores (so you can see where you fall) along with the factors that brought your score down in the first place. Most finance people just give you a copy even if you’re approved, as was in my case.
Keeping on top of your credit score is very important and most of us don’t check are scores nearly enough.
[tweetthis]Checking your credit score and credit report is a really smart thing to do. [/tweetthis]
So why is it important to check your credit score?
Your credit is the determining factor anytime you want to buy a house, car, take out a loan or get a credit card (which I don’t recommend). Your credit score is the factor used in determining just how responsible you are and will impact not only lending decisions, but possibly your ability to get a job or apartment, along with how much you’ll end up paying for your home owners and auto insurance.
How often should you check your credit score and report? What’s the importance of checking your credit score?
I recommend checking your credit report three times a year. You can check it for free by going to annualcreditreport.com. You’re allowed one free credit report a year from each of the three major credit bureaus.
Pull one report on a rotating basis from either Experian, Equifax and TransUnion. By doing this you will have a look at your score and report once every four months and will be able to compare and check for anything suspicious.
And, just in case you’re curious you can also get a credit score for free at creditkarma and credit even if you haven’t been denied credit.
Checking your credit is a smart thing to do as you work towards improving your overall financial health.
Go grab your free copy today and see how you’re doing.