{"id":1127,"date":"2024-05-16T09:44:01","date_gmt":"2024-05-16T13:44:01","guid":{"rendered":"https:\/\/gpswp.com\/wealthflowfinancial\/?p=1127"},"modified":"2024-05-16T09:44:02","modified_gmt":"2024-05-16T13:44:02","slug":"avoid-the-credit-trap-why-protecting-your-credit-score-is-crucial-for-veterans","status":"publish","type":"post","link":"https:\/\/gpswp.com\/wealthflowfinancial\/avoid-the-credit-trap-why-protecting-your-credit-score-is-crucial-for-veterans\/","title":{"rendered":"Avoid the Credit Trap: Why Protecting Your Credit Score Is Crucial for Veterans"},"content":{"rendered":"\n

By Jay Shareef and Chris Rhoads<\/em><\/p>\n\n\n\n

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A strong credit score is crucial for everyone, but it holds particular importance for veterans, especially when it comes to obtaining a VA loan. While the VA doesn\u2019t set a specific credit score requirement, specific lenders may have their own thresholds that make or break a loan approval.<\/p>\n\n\n\n

Establishing a credit history is vital for anyone who wishes to access credit and loans, and a good credit score opens up opportunities within your financial strategy<\/a> that might otherwise be out of reach. Making wise credit decisions is the first step toward building a solid credit score. Let\u2019s dive into some practical tips to help boost (and protect) your credit score.<\/p>\n\n\n\n

<\/a>Take Advantage of Free Credit Score Monitoring<\/h2>\n\n\n\n

Equifax, Experian, and TransUnion all offer active duty military and National Guard members free credit monitoring. This benefit allows you to keep on top of your credit score since it is a fluid, ever-changing ranking. When you see your credit score slipping, you can take immediate action to help raise it again. Or, if your score is in the range of good to excellent, you\u2019ll know you\u2019re making the right choices and handling your credit, debt, and loans in a responsible way.<\/p>\n\n\n\n

<\/a>Get Your Credit Reports Regularly<\/h2>\n\n\n\n

A good financial practice is to regularly get a copy of your own credit report. This report has an overall score plus detailed information about all your open and closed credit cards and loans and how timely you made payments. Receiving your credit report is the best way to monitor for any mistakes that may be present. When you see an error in your report, you can work to correct it. We suggest getting your own credit report on a regular basis, perhaps every quarter or at least every year. If you\u2019re requesting your report online, make sure you\u2019re using a safe and secure device and internet connection since you\u2019ll be providing personal information such as your Social Security number and date of birth.<\/p>\n\n\n\n

<\/a>Take Steps to Improve Your Credit Score<\/h2>\n\n\n\n

Be ever on the lookout for ways to up your credit score. Once you start reviewing your report on a regular basis, you\u2019ll notice times when your score drops a bit and times when it increases. As stated earlier, be sure to dispute any discovered errors. Errors may be present in the spelling of your name, your address, or your Social Security<\/a> number.<\/p>\n\n\n\n

Here are some ways to improve your credit score:<\/p>\n\n\n\n