{"id":7377,"date":"2025-04-17T10:25:36","date_gmt":"2025-04-17T15:25:36","guid":{"rendered":"https:\/\/tomo.com\/blog\/?p=7377"},"modified":"2025-09-04T08:53:55","modified_gmt":"2025-09-04T13:53:55","slug":"great-ways-to-monitor-your-credit-score","status":"publish","type":"post","link":"https:\/\/tomo.com\/blog\/great-ways-to-monitor-your-credit-score\/","title":{"rendered":"Great Ways to Monitor Your Credit Score"},"content":{"rendered":"\n<p>When you\u2019re preparing to buy a home, your credit score isn\u2019t just a number\u2014it\u2019s one of the biggest factors in what you\u2019ll qualify for, how much you\u2019ll pay, and even how quickly you can close. The difference between a \u201cgood enough\u201d score and a strong one can add up to tens of thousands of dollars over the life of your loan. That\u2019s why monitoring your credit early and often isn\u2019t just smart\u2014it\u2019s essential.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Why credit monitoring is critical for buyers<\/strong><\/h3>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Loan approval:<\/strong> Many lenders require a minimum score of 620 for <a href=\"https:\/\/tomo.com\/blog\/conventional-loans-101-an-insiders-guide-to-standard-home-financing\/\" title=\"conventional \">conventional <\/a>mortgages.<a href=\"https:\/\/tomo.com\/blog\/is-an-fha-loan-a-good-idea\/\" title=\" FHA\"> FHA<\/a> loans allow scores as low as 580, and at Tomo Mortgage, we also work with buyers starting at <strong>580<\/strong>\u2014helping more people get through the door.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Interest rates:<\/strong> Even a modest credit score jump can unlock a lower rate. For example, on a $350,000 loan:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>With a <strong>580 score<\/strong> at 7.5% \u2192 monthly payment \u2248 <strong>$2,447<\/strong><\/li>\n\n\n\n<li>With a <strong>700 score<\/strong> at 6.5% \u2192 monthly payment \u2248 <strong>$2,212<br><\/strong> That\u2019s a savings of <strong>$235\/month<\/strong> or more than <strong>$84,000 over 30 years.<\/strong><\/li>\n<\/ul>\n\n\n\n<p><strong>And since lenders don\u2019t all price the same, <a href=\"https:\/\/tomo.com\/mortgage\/interest-rates-today?utm_source=tomo_blog\" title=\"weigh different loan options \">weigh different loan options <\/a>to make sure you\u2019re not leaving money on the table.<\/strong><\/p>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/tomo.com\/mortgage\/rates?utm_source=tomo_blog\">See today&#8217;s rates<\/a><\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Down payment flexibility:<\/strong> Lower credit scores sometimes require higher <a href=\"https:\/\/tomo.com\/blog\/what-should-i-put-down-for-my-down-payment\/\" title=\"down payments\">down payments<\/a>. Improving your score could mean qualifying for a <strong>3\u20135% down loan<\/strong> instead of needing to put 10% or more on the table.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>How to monitor effectively<\/strong><\/h3>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Use free credit monitoring tools<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.creditkarma.com\/lp\/free-credit-scores-v12a?gclsrc=aw.ds&amp;gad_source=1&amp;gad_campaignid=15921637872&amp;gbraid=0AAAAADrT-VcWPsjQTW3x2sjDf4tlwfwf0&amp;gclid=CjwKCAjw2brFBhBOEiwAVJX5GGRUT5OqvvF6nbj1Br8biYSGDzx2LDrwTOj8_lizLP7wcf_l-ZR8hxoCf5UQAvD_BwE\" target=\"_blank\" rel=\"noopener\" title=\"Credit Karma\">Credit Karma<\/a> and <a href=\"https:\/\/www.creditsesame.com\/landing-myfreecreditscore-p-v4\/\" target=\"_blank\" rel=\"noopener\" title=\"Credit Sesame\">Credit Sesame<\/a> give you daily score updates and fraud alerts.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.experian.com\/\" target=\"_blank\" rel=\"noopener\" title=\"\">Experian<\/a> adds free FICO score tracking, plus dark-web scans to catch identity theft.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.annualcreditreport.com\/index.action\" target=\"_blank\" rel=\"noopener\" title=\"\">AnnualCreditReport.com<\/a> (the official site) lets you pull one report per bureau every week at no cost. This is the best way to catch errors that could be weighing down your score.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Check your bank and credit card apps<\/strong><\/p>\n\n\n\n<p>Most major banks (<a href=\"https:\/\/tomo.com\/blog\/navy-federal-vs-chase\/\" title=\"Chase\">Chase<\/a>, <a href=\"https:\/\/tomo.com\/blog\/wells-fargo-vs-rocket-mortgage\/\" title=\"Wells Fargo,\">Wells Fargo,<\/a> Capital One, Discover) now show a free monthly FICO score in their apps. These updates are an easy, passive way to track progress while you\u2019re saving for a down payment.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Get the scores that lenders actually use<\/strong><\/p>\n\n\n\n<p>Here\u2019s the catch: most consumer apps show <strong>VantageScore<\/strong>, but mortgage lenders use older <strong><a href=\"https:\/\/tomo.com\/blog\/fico-vs-credit-score-one-and-the-same\/\" title=\"FICO models \">FICO models <\/a>(FICO 2, 4, or 5).<\/strong> That means the number you see on your phone might be 20\u201340 points higher than what a lender pulls. Mortgage-focused services (like Gravy) can show you the right score models so you\u2019re not caught off guard.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Set up alerts for big changes<\/strong><\/p>\n\n\n\n<p>Fraudulent accounts, reporting errors, or new hard inquiries can drop your score fast. Setting up email or text alerts means you\u2019ll know the moment something changes\u2014and can dispute errors before they impact your mortgage application.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Review all three bureaus<\/strong><\/p>\n\n\n\n<p>Your <a href=\"https:\/\/www.experian.com\/\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">Experian<\/a>, <a href=\"https:\/\/www.equifax.com\/personal\/\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">Equifax<\/a>, and <a href=\"https:\/\/www.transunion.com\/\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">TransUnion<\/a> reports may not match. Pull all three to check for:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Outdated accounts<\/li>\n\n\n\n<li>Incorrect late payments<\/li>\n\n\n\n<li>Fraudulent accounts in your name<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p>About <strong>1 in 5 reports<\/strong> has an error that can lower your score. Disputing mistakes is free and can bump your score within weeks.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Pro tips for homebuyers<\/strong><\/h3>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Check early.<\/strong> If you\u2019re aiming to buy this summer, start monitoring now. Fixing errors or paying down balances can take 30\u201360 days to reflect.<\/li>\n\n\n\n<li><strong>Use monitoring to guide action.<\/strong> For example, lowering your credit card utilization from 70% to under 30% could raise your score <strong>20\u201340 points in a single billing cycle.<\/strong><strong><br><\/strong><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>When you\u2019re preparing to buy a home, your credit score isn\u2019t just a number\u2014it\u2019s one of the biggest factors in what you\u2019ll qualify for, how much you\u2019ll pay, and even how quickly you can close. The difference between a \u201cgood enough\u201d score and a strong one can add up to tens of thousands of dollars [&hellip;]<\/p>\n","protected":false},"author":31,"featured_media":7636,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[299,64,300,298],"class_list":["post-7377","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-buying-your-first-home","tag-credit-score","tag-debt-roundup","tag-homebuying"],"aioseo_notices":[],"jetpack_featured_media_url":"https:\/\/tomo.com\/blog\/wp-content\/uploads\/2025\/04\/u6751982626_credit_cards._lots_and_lots_of_credit_cards_-cha_8ef60a24-d1b6-4af2-98f9-ed20718b1ea7_2.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/posts\/7377","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/users\/31"}],"replies":[{"embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/comments?post=7377"}],"version-history":[{"count":2,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/posts\/7377\/revisions"}],"predecessor-version":[{"id":7510,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/posts\/7377\/revisions\/7510"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/media\/7636"}],"wp:attachment":[{"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/media?parent=7377"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/categories?post=7377"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/tags?post=7377"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}