How To Maintain Good Credit
A good credit score is a useful thing to have. But if you don’t regularly monitor your credit status, your credit score can become a liability. Checked your credit report recently?
By law you are able to obtain a copy of your credit report free every 12 months from each of the three nationwide credit reporting agencies, Equifax, Experian, and TransUnion. The three have formed a central agency, so you can ask for a copy from all of them at one time. It is called the Annual Credit Report, and can also be accessed online.
This free credit report can be a valuable tool in maintaining your lifestyle and can save you money. Checking your credit reports regularly will enable you to catch any errors in it and have them corrected right away. Also with the increased crime of identity theft, with a vigilant eye on your credit reports, you can catch any funny business early.
You only need to do a few things to keep your credit score good.
First and foremost, make your payments on time.
Don’t go over your budget and manage any debts you have.
Continue with your regular credit report monitoring.
If you can, avoid making unnecessary inquiries about your credit report, because every request can be marked against your good record.
If you can reduce your credit card balances, do it.
If you don’t have enough credit history, you may consider applying for new credit.
Careful reviewing of your credit report will ensure that you maintain a good FICO score. “What is a FICO score?” you say.
A FICO score is like the grade from which financial institutions refer to when judging the risk they take when giving you credit. A higher FICO score is always better. Scores usually range from 499 to over 800.
You maintain your good credit when you regularly monitor your credit reports. Your credit score affects the interest rate of any new loans you make. Since a good credit score will get you lower interest rates, you’ll save money.
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