Keeping a close eye on one's credit score is a good way of figuring out when is the best time to take out a loan, especially for graduates and undergraduates. Applying for a new credit line, especially for tuition and the expenses of college life can be a daunting task for those who don't know where to start. It can also become intimidating for those who feel pressured by banks to accept their loans over others, making the shopping around aspect of the entire process difficult.
However, there are online tools available that can provide free credit reports for those who don't want to go to the big bank branches to find out where they stand in the credit market. There are free credit report services that can be checked every few months or so to see the change in credit score, but there are more detailed services available that update more frequently, and can be accessed from the privacy of one's home. One such service provider is GoFreeCredit.
LOW COST SERVICES
GoFreeCredit is an online service provider for those who are interested in checking on their credit score. Signing up for their “Triple Score Complete” will provide credit scores from the three big bureaus: Equifax, Experian, and TransUnion. Obtaining these credit scores separately can be more costly: Equifax charges $15.95 for a credit report and score, Experian charges $14.94 and TransUnion charges $14.95 after a seven-day free trial.
By verifying one's identity on the website through entering credit card information, the student is provided with three credit scores from these bureaus. Each can be different, as each bureau uses different calculations to determine credit score, and even these numbers can be different from a student's FICO score, which is the number lenders look at to determine one's creditworthiness. Each score also comes with a review and tips that can help the student improve his credit score and open up more options for him.
A student can obtain his credit scores free for roughly seven days, and then will be charged a monthly fee of $19.95 if his membership is not cancelled within those seven days. However, the monthly charge is worth the capability of updated credit scores whenever the account is accessed. This keeps a student well-informed of his options for taking out a student loan.
Once a student has an account with GoFreeCredit, they will provide updates on credit scores, according to market figures and changes in the student's payments on loans and debts. GoFreeCredit will also provide email alerts and credit monitoring if a student's account or identity has been stolen. Credit monitoring will alert the student in a timely manner of any sudden changes that arise or suspicious activity to prevent his credit rating from being completely destroyed.
Signing up for GoFreeCredit, although the services aren't free, provides graduates and undergraduates with a variety of credit scores and ratings so that they can get a mixed review of where they stand in terms of signing up for a loan.