Cash For Clunkers and Your Credit Score

By now, you’ve probably heard of the C.A.R.S Act, or Cash for Clunkers. The government will give you a credit of $3500-$4500 toward the purchase of a new car when you trade in your old gas guzzler. But beware that this “money” isn’t exactly free. Among a few other restrictions, your credit score still has to be in good shape, and you can check it for free.

You should always be on top of your credit score. The recommendation is to check it at least once a year, and each of the 3 credit bureaus are required by law to provide you with a free copy of your credit report. You can also get your score for free from them, and with plenty of other opportunities to check your score for free, you may want to do so more than once a year. This can help you stay on top of errors, possible identity theft, and see how late payments or loan payoffs are affecting your score. Cash For Cars Sydney

When it comes to the C.A.R.S. Act, you’ll want to check your credit score five minutes ago. The Act is supposed to continue through November 1, 2009 or until funds have run out, whichever comes first. Judging by the fact that the program ran out of funds shortly after beginning and the government had to rush to allocate more to keep the Act in effect, you may not have much time before this program comes to an end. If you don’t already know where your credit stands, check it now. You’ll have to move quickly if there’s any improvement to be made, and depending on your reason for a low score, you may only be able to adjust it so much before you need to use it.