How To Manage Your Credit Score

Optimizing the credit score as a student is the best way to position the financial life after college graduation.

The issue with a credit score is that it takes many years to build but only days to ruin. You must disburse the bills on the dot every month to get your score to an apt level. In fact, it typically takes around 3 years for your credit card to get a positive effect on the credit rating. Once there was a period when students were recommended to steer clear of the credit card offers, but today many financial professionals are advising students use credit in a wise way to position themselves for their future. Just getting a credit card will not get the credit score where you wish it to be after your graduation.

- On the Record

Actually, credit scores vary from 330 to 830. A great score is roughly 700. So how to know your score? You should receive a credit report. 3 companies -- Trans Union, Experian and Equifax-- give credit reports. Every consumer is qualified to get a free copy of the credit report for every year.

- Steps to Better

When you know your place in the lender's eyes, you may take steps in order to move the score upwards. Still first of all, you should make sure that there are not any errors on your report. Actually, about 1 in 4 people have an error on the credit report. An error can seriously affect the score, that is why you will wish to contact these bureaus and get errors corrected.

To better your score, follow the tips:

Never spend over 30% of your maximal credit restriction.

Pay all the bills on time -- this takes in your credit cards, utilities, and others.

You shouldn't apply for more credit lines than you need. Many inquiries to the record can ruin your score.

by: Randy Wheeler

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