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    How to Build Your Credit Score
    A solid credit score can lead to lower interest rates, loan approvals, and even job opportunities. If your score is currently less than what you would like it to be, you can take measures to improve it. By understanding the basics of the system, you can start building your credit score today.

    What Credit Score Is

    The term "credit score" refers to the overall health of your finances. The Fair Isaac Corporation usually calculates this three-digit figure. Fair Isaac takes information from your credit report and punches the numbers through a series of calculations. Your payment history and the amount of outstanding debt you have are taken into consideration. The length of credit, new credit, and type of credit you have are also reviewed.

    Before issuing credit, many lenders check your credit score. You may be accepted or denied based on your credit score. For this reason, it is important to maintain a good score. And doing so can be easy. Following are a number of steps you can take to help you build your credit score.

    Make Payments on Time

    By far the easiest and best way to build your credit score is to avoid late payments. By paying bills on time, you show lenders that you are reliable and consistent. If you have a hard time remembering when payments need to be made, try streamlining the due dates. Call your lenders and ask to have the due date changed to a certain day of the month. Set up all your bills to be due on the same date. You can also line up automatic payments. That way, the money is withdrawn from your checking account at the same time each month. Have reminders sent to your email or mailbox. Find a method that helps you pay on time, every time.

    Pay Down your Debt

    Paying off debts that you have is another way to build your credit score. Strive to use only 35% or less of your credit limit. So if you have two credit cards that each have a $5,000 limit, you have a total credit limit of $10,000. Aim to keep your total outstanding balances under $3,500. This will lower your credit risk, thereby raising your credit score.


    secured credit card|
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    by shonouddy on 8/31/2007 9:33:43 PM
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