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This Week's Credit Tip: Credit Simulators, Your Credit Crystal Ball

The Real Estate Show takes its Series on Credit up a notch with This Week's Credit Tip: Credit Simulators, Your Credit Crystal Ball. If you have been following our series since the beginning of the year you are now well aware of how important a good credit score is, and that it is your responsibility to monitor and protect your credit score. In today's episode, we talk about a very useful tool that not many people know is available to them, and best of all, it's free!

A credit score simulator is a financial tool that allows you to see the effects of changes to your credit report before they actually happen. Think of it as sort of a credit crystal ball.It could also be an educational tool that guides you to make the right moves. While not 100% accurate, they are calculated and estimated outcomes, not just guesses or predictions. The simulators were once only available to industry professionals only, but today they are easily accessible on such sites as creditkarma.com.

These credit score simulators start with the information in your current credit report and then explores how changing that information could affect your score. While it is hypothetical, it is a pretty good predictor of the outcome of the contemplated action. Remember there are three credit repositories, each containing slightly different information, therefore pay attention to what repository the simulator is addressing. I may have to run a separate simulation for each credit bureau. It's also worth noting that running the simulations won't actually affect your real score or report until you actually do what it is you are simulating.

So once you have selected a credit score simulator, it can help you explore some of your credit "what if's". Think of it as a credit report laboratory. You now have a controlled environment in which to experiment the outcome caused by different actions. So when you use a credit score simulator, you'll notice that you can only change one scenario at a time. Keep in mind that in reality, your score is usually affected by several different credit report changes going on all at once. But at least, you will begin to understand how individual actions (credit applications, inquiries, new credit cards, new loans, closing credit cards or accounts, etc.) each affect your credit score.

So try out this cool little tool for yourself. Learn more about your credit score and the actions you take. Then be sure to check back in from time to time. Staying on top of your credit helps your Real Estate Investing and learn more about HOW TO INVEST BETTER by listening to The Real Estate Show with Eric Willner, Live every weekday morning at 8 o'clock (EST) on Florida's Money Talk Radio station WSBR AM740, FM 96.9, and FM 103.9. Then contact us at 888-595-7779 to see how we can help you with your real estate goals. You can also hear us on the free apps: iHeart Radio and TuneIn and the WSBR AM740 app. If you miss the live show, Recorded Rebroadcasts are available 24/7 on Facebook.

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