subject: Keep Your Credit Score Up, Follow These Simple Steps [print this page] A good credit score can be an asset when you need it most. But your credit status may take a plunge if you don't keep track of your credit rating. So when was the last time you checked your credit report?
A law has been passed so that every year you can get a free credit report from the three credit reporting agencies; these agencies are known as Equifax, Experian and TransUnion. To facilitate getting your credit report, these reporting companies have created one central agency so that an individual can just make one request and he can get a report from all three. It's called Annual Credit Report and can be accessed online.
You should make it a point to check this free credit report annually as it plays an important part in your lifestyle and can really help with your expenditures. By monitoring your credit report on a regular basis, you can catch any errors that may have been recorded and see that they are corrected immediately. And if you are very familiar with your credit report, it will be easy for you spot anything out of the ordinary; this way you'll be less likely to be a victim of identity theft.
Maintaining a good credit score doesn't have to be very complicated.
First and foremost, make your payments on time.
Don't go over your budget and learn to control your debts.
Do just what you're doing and monitor your credit report regularly to correct any possible errors.
Try to avoid any unnecessary inquiries of your credit report, as each request can be marked against your good credit score.
Reduce your credit card balances if they're limited out.
If you don't have enough credit history, you may consider applying for new credit.
The credit report would also show your FICO score, so reviewing it regularly will tell you if your FICO score is going down.
Are you aware what a FICO score is? A grading system is used by financial institutions to gauge how risky it would be to extend you a line of credit, the grade is called your FICO score. The higher the FICO score, the better. The normal range for the scores is from 499 to 800 and up.
If you want to maintain your good credit rating, then make it a habit to review your credit report regularly. Whether it's a car loan, credit card, or mortgage, your credit score can dictate the interest rate of your new loan. Just think of all the money you can save because of your good credit score.
