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Credit Score Importance
[03:48:35 AM Thursday, September 13, 2007]
Credit Card Offers are only as Good as your Current Credit Score!
With all of the great credit card offers out there by VISA, MasterCard and all the other credit card companies, card holders have plenty of options. However, a consumer can only get a great card that fits their current credit score. If you have a bad credit history then you can only get credit card applications for bad credit. If you have excellent credit you can get the best credit cards with instant online approval. If you have poor credit hope is not lost though- you can improve your score!
How to improve credit score?
- Don't open credit accounts that you don't use and always close out an account when you are done using it. The more accounts open you have, the lower credit limit you will get and the lower your credit score will eventually get.
- Always have an eye on your credit history. Going to one of the three main credit bureaus every few months is a good way to make sure you are not being a victim of identity theft. Equifax, Experian and Trans-Union all have a copy of your credit report so make sure that it is right. Doing this little extra step will ensure you will be protected.
- Make all of your financial payments on time! This is probably the biggest tip you could ever have if you want to fill out credit card applications and expect to get the best credit cards. Just a few late payments will lower your credit score. The lower your credit score gets the harder it will be for you to get the credit cards with no fees or the rewards programs that are so popular nowadays.
- Keeping the balances on your credit cards as low as possible is also a great way to improve your credit. You shouldn't view your credit limit as a goal; your credit limit is a maximum and it is only there for your convenience if you ever need it. In the same light, you shouldn't just pay the minimum amount on your credit card statement. Not only will you get hammered with high interest but you will hurt your credit as well.
- Don't just let anyone view your credit report. Many lenders will want to see your credit report before they lend you money. While you will often have to let some people look at your report, you don't have to let everyone! The more people that see your report the worse because it will make you appear unstable financially.
To keep excellent credit you want as few people seeing your report as possible. If you ever do find out someone has seen your report without your knowledge, you should report it immediately because it is a federal crime! Every time someone views your report you could lose up to 5 points off your credit score! Considering your score is between 350 and 850, 5 points is quite a bit!
Marissa , [07:58 AM, September 14, 2007]
Yes, having good credit score is a thing to be desired. Thanks for recomendations on how not to spoil it.
Miguel Oquendo , [07:48 PM, September 24, 2007]
I just have one question, what is the best way to build creadit, I have no creadit at all, when ever I try to apply for something to build my creadit I always get denied.
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