3 Times You Need to Check Your Credit Score

Credit scores are a mystery to most folks who don't work in personal finance. It's a little scary that a three-digit number can have such a big impact on your life. Thankfully, it's quite easy to check yours and get the information you need to feel confident about applying for a mortgage, credit card, or car loan.

Here are three times you should check your credit score.

1. Before applying to borrow money

It's a good idea to make a plan if you're hoping to be approved to borrow money. Some types of borrowing, such as buying a home, are a lot more time-intensive. I just bought a house, and I spent two years getting ready to do so, between paying off debt, saving money, and shopping around for a mortgage.

But even if you're just applying for a shiny new credit card, do your homework first. This means having a peek at your credit score. You can bet a lender will do a hard credit pull and see where you stand, so beat it to the punch.

As a bonus, if you know your credit score, you'll be able to estimate the interest rate you might get on a home or car -- or whether you even qualify for that credit card you've got your eye on.

2. When you're going through a big life change

Getting married? How about divorced? Been there, friend -- big life changes like these can impact your finances. As such, it's a great time to check your credit score, since knowledge is power.

If a wedding is in your future, you might want to know that you're on a solid financial footing ahead of potentially combining finances with another person. (I'd urge you to maintain your own accounts as well -- especially if you're a woman. Financial abuse is real and shockingly common.)

And if your ex-spouse hasn't been paying their fair share of your joint credit accounts on time, it's better that you find that out now, rather than after your credit score has been impacted -- so check your credit report, too. (More on how to do that below.)

3. If you suspect your financial data was compromised

It's the letter no one wants to get -- your credit card information was exposed in a data leak after you used it to shop online. What do you do now? Check your credit score and again, your credit report.

Doing so can help you quickly see whether someone has your data and is using it for nefarious purposes, like opening new credit cards in your name. And if you spot anything amiss, you can freeze your credit and file a report with the proper authorities

How can you check your credit score and report?

Good news -- it's easier to check your credit score and credit report than you may be fearing. For your credit score, you likely have access to it via a bank or credit card issuer you already do business with.

The trick will be finding one that offers your FICO® Score for free, as this is the credit score used by 90% of lenders. A VantageScore is still a good barometer of your financial health -- but for best results, check your FICO® Score.

As for your credit report, visit AnnualCreditReport.com, where you can access your credit reports from the three major consumer credit bureaus every week for $0. That's right -- free. Look for errors and make sure the reports have the right info for you and your various credit accounts.

If you spot a problem, you can easily request action from the credit bureau. Having errors removed can boost your credit score to boot, especially if those errors were making you look as if you were delinquent on accounts.

Does checking your credit score hurt it?

No! Checking your credit score yourself counts as a soft credit pull, and does no damage whatsoever to it. You will not lose points, and you will come away with useful knowledge. What could be better?