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Credit Scores

Most creditors decide whether or not to do business with you, and on what terms, based on the history they see in your credit report. To make the decision accurately, creditors often use a system of credit scores to determine if you'll be a good risk for credit cards, auto loans, home loans, cell phone accounts, and most everything else.

Information about you, your bill-paying history, recent inquiries, the number and type of accounts you have, late payments, collection actions, outstanding debt, and the age of your accounts, is collected from your credit application and your credit report. Using repayment statistics from consumers with similar profiles, credit scoring systems award points for each factor that helps predict who is the best risk.

You can see your credit scores to anticipate how lenders are likely to evaluate you in terms of creditworthiness for repaying a loan and making the payments when due. Each lender has their own cutoff points, there is more than one kind of score, and other factors may be considered as well - but your score and the reasons behind it are extremely important in your ability to get the financing terms you want.

Improving your credit scores

Although they offer very little short-term credit improvement, acquiring good credit habits now will significantly raise your score in the long-term future. Follow these simple good credit habits and you will see effective long-term results:

Pay your bills on time in accordance with your loan or credit agreement. Begin making prompt payments on all of your accounts today and you will make tremendous strides in improving your credit history.

Don't let your credit card and revolving balances get too high. Pay down balances, instead of just making the minimum payment, try paying as much of your balance as you can each month. In fact, when using your credit card, you should only purchase the amount that you can reasonably pay back in full each month.

Apply for and open new credit accounts only as needed. You want to avoid having too high of a debt-to-income ratio and too many inquiries. Concentrate on improving the credit that you already have, before you saddle yourself with even more.

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