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Finance For Dummies

Finance For Dummies offers personal finance information on investing, retirement investing, finance, insurance, credit cards, loans and more. Personal finance education is our goal.

Wednesday, June 07, 2006

Taking Care of Yor Credit Score

As we have discussed before your credit report and credit score are very important to many aspects of your life these days. Equifax, Experian and TransUnion are the three credit reporting agencies that hold your financial well-being in their hands. Here are some steps to get the power back and control of your credit report and credit score.

  • Get a free credit report from all three credit reporting agencies
annualcreditreport.com or 877-322-8228 is the only true free source
  • Your credit report does not contain your credit score
You can get it free when you apply for a mortgage
Your FICO score is what you need
  • Look through your credit report for errors: 25% have errors
  • How is your FICO score computed? 35% Bills paid on time; 30% Ratio of debt to credit limit; 15% Length of credit history; 10%Credit applications; 10% Variety of loans
  • Always pay your bills on time
  • Live within your limits: Use under 30% or less than your available credit
  • Old accounts are your best accounts for your credit score
  • Do not open store credit cards--they hurt your credit score
  • Shred paperwork, be careful with your social security number, monitor your credit report

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