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Obtaining a credit report?

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Doctora Foxy

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Is there anyway to obtain your credit history for free? I have been to <a href="http://www.equifax.com" target="_blank">www.equifax.com</a> and <a href="http://www.experian.com," target="_blank">www.experian.com,</a> but they both charge 9 dollars. Any way around this?

Also, how important is it to get one before applying for financial aid? I'm pretty sure my credit history is good.

Thanks,

Foxy
 

daisygirl

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I am pretty sure that if you apply for a credit card and you are denied, then you may request a copy of your credit report. Unfortunately that will only work (I think) if you get denied. There may be other ways, however, I don't know of any.
 

Blue Tooth

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use <a href="http://www.consumerinfo.com" target="_blank">consmerinfo.com</a>. They're free for the first month. I signed up, got my credit report and promptly cancelled. the cancellation process was kinda a pain (over the phone, IIRC) but in the end it was free and I got what I wanted.
 

KyGrlDr2B

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That small fee really isn't a big deal. I paid around $10 or $15 for mine. I don't think it's really necessary if applying only for government loans (someone can correct me if I'm wrong here). However, I think it's good to know your credit standing. I was amazed at how much information was included and delighted to see I have a ranking of excellent :D .
 

analu

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I don't think credit rating is that important for government loans either, but it does come into play for alternative loans, i.e. the stronger the applicant's credit, the better the terms offered, i.e. low or no origination fees, etc.
 

LoanGrl

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That's right, your credit report doesn't matter when it comes to the government loans (unless you've defaulted on OTHER govt. loans!) However, you will get a lower interest rate and lower (or no) fees if you have an excellent credit report. Also, it's not a bad idea to check it and update information. There could also be incorrect information on there that's working against you, and it's good to get that off there. You wouldn't believe the stuff that's on there! $9 is a small price to pay to possibly save yourself some money down the road. :wink:
 

Doctora Foxy

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Thanks for all of your replies! I already received my free credit report from that consumerinfo.com site (it's an equifax report). Everything says ok next to it, but it reminded me that I have like 10 department store credit cards! <img border="0" title="" alt="[Eek!]" src="eek.gif" /> (ok, I was exaggerating, more like 5). I never use them, I only took them out a while ago to get a discount.....should I cancel them?

Gracias,

Foxy
 

sandflea

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yes, you should definitely cancel them, especially since you don't use them (i'm assuming, since you didn't remember that you even had them). it's not looked favorably upon to have a lot of open credit accounts, and store credit cards are the worst kind because they have limited use (only in that store) and sky-high interest rates. what is generally recommended is to keep only one or two major credit cards and use them reasonably. having a lot of accounts open could potentially get you into trouble once you start school because you might be more tempted to charge more than you need.
 

LoanGrl

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DEFINITELY close those unused accounts...they are taken into consideration into your overall credit score, and can count against your score. Potential lenders see it as open credit available to you, and not only can it lower your credit score, it might cause you to be approved for less credit than you might otherwise receive. (Hope that last part made sense.) So CLOSE THOSE ACCOUNTS! And watch what you apply for...too many inquiries can take away from your score, also.
 

DJ W.R.

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It's also important to pull your credit report from all three of the major credit reporting agencies: Equifax, Experian, and Trans Union. This is because one or two of them may have an error on your report...you want everything to up to date and correct when you approach the bank for your loan.
 
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