The survey found that 73 percent of those who checked their credit score seven or more times in a year said that this regular vigilance had a positive impact.
The “older the better” saying seems to apply to new mortgage applicants as Millennials have the lowest credit scores when compared with older cohorts.
About 51 percent of mortgages originating in the first quarter went to those with Equifax Risk Scores of 760 or higher (the scale goes from 280 to 850).
These groups of potential buyers are finding it challenging to afford a home with surging prices and tight inventories.
U.S. credit card debt is on a path to reach $1 trillion this year, nearing the record high of $1.02 trillion set in January 2008, right before the financial meltdown.
“The share of credit scores below 700 for applications has declined and has been offset by a greater share of credit scores above 740,” CoreLogic concludes.
Discover is now the first — and for now the only — credit card issuer to give everyone, not just its cardmembers, access to their FICO credit score for free.
PMI costs have declined by 47 percent for people with credit scores of 760-plus.
John Oliver took aim at the three major U.S. credit bureaus for their historical propensity for errors about consumers’ borrowing habits or other personal data.
A key finding by CoreLogic is that the average credit score of borrowers has increased from roughly 690 in 2001 to almost 750 in 2015.