On your credit card statements you may have noticed that it is easier to read and things are more well defined
. It will show your APR Interest rate a lot more clearer on your statement and you won't need to go looking for it. To try and get consumers to pay off their debt as soon as they can, government regulations has told credit card companies that they need to clearly define how long it will take to pay off the credit card if you only pay the minimum.
It is because of this government regulation called the Credit Card Act of 2009. On the other hand, credit score reporting agencies are also effected by these new government regulations.
Financial responsible people make sure that theircredit reports free credit scores are up-to-date and error-free. Once you get a handle on your credit reports and credit score, you will be able to tweak it out and improve your score.
Your credit score can lie between the two figures of 300 to 850. Once a debt is paid off, it will look better on your credit score. Also with having a better credit score, you will be more likely to get loans and have a better interest rate.
Click on this link to get afree credit scores check online. A tell tale sign of a good score if it is anywhere above 700 or 800 if you are lucky.
You can have time on your side if you are meticulous about it early on in life. For kids these days in college, they need loans so they can first check theirstudent loan credit report. It doesn't hurt to check your credit score yourself, so it is in your best interest to do so.