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Maintain Your Credit Health with O1ne Mortgage

At O1ne Mortgage, we understand the importance of maintaining a healthy credit score. While you may reach a point where your credit score takes up less mental space, it’s never a good idea to stop caring about it entirely. Even if you have a good score and no plans to borrow money or apply for credit again, it’s crucial to continue the habits that helped you achieve that good score. This includes keeping credit balances low, making all payments on time, and preventing accounts from going to collections.

Can You Stop Caring About Your Credit Score?

There may come a time when your house is paid off, you’ve financed your last car, and you’re not interested in acquiring another credit card. While keeping your credit in top shape might not be as high a priority, it’s still important to monitor it for continued credit health and signs of identity theft and fraud. A sudden drop in your credit score could indicate missed payments or fraudulent activity. Keeping an eye on your credit health allows you to take quick action if needed.

Why You Should Monitor Your Credit Regularly

Here are some reasons why we at O1ne Mortgage recommend monitoring your credit, even if maintaining an excellent score isn’t a top concern:

• Identity theft and fraud: Monitoring your credit activity can alert you if someone uses your information to apply for credit or uses your existing credit fraudulently.
• Unexpected need for credit: Life is unpredictable, and you may find yourself needing credit unexpectedly. Whether it’s applying for a new credit card with attractive rewards or cosigning a loan for a loved one, a good credit score can be beneficial.
• Better terms for credit use: A decent credit score can help you qualify for better loan terms or take advantage of promotional credit offers.

5 Ways to Improve Your Credit Health

If you feel that credit-building is no longer a priority, here are some ways to minimize the time you spend monitoring it:

1. Check Credit Reports Annually

Set a date each year to check your credit reports, such as on your birthday or during the summer equinox. You can get free copies of your credit reports from each of the three credit bureaus at AnnualCreditReport.com. If you find any inaccuracies, you have the right to dispute them.

2. Make All Payments on Time

Avoid missing payments, as a payment reported as 30 days late can significantly drop your credit score. Remember, scores drop faster than they rebound.

3. Set Up Transaction Alerts

If your bank or credit card issuer offers transaction alerts, sign up for them. You’ll receive notifications for any card usage, allowing you to quickly address any unauthorized transactions.

4. Activate a Fraud Alert or Freeze Your Credit

If you don’t plan to open new credit accounts, consider adding a fraud alert or freezing your credit. A fraud alert asks creditors to take extra steps to verify your identity, while a credit freeze blocks new creditors from accessing your reports. Both measures can help prevent fraud without affecting your credit score.

5. Monitor Your Credit

Take advantage of free credit monitoring services, such as those offered by Experian. These services provide real-time alerts about changes to your credit report, helping you stay informed about any new inquiries or credit lines.

The Bottom Line

While you may not need to build and maintain great credit as diligently as before, it’s still important to keep your credit healthy and protect it from fraud. Low-effort ways to do this include checking your credit reports annually, freezing your credit, and setting up account alerts. For any mortgage-related needs, feel free to call O1ne Mortgage at 213-732-3074. We’re here to help you navigate your credit health with confidence.

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