Your Financial Future Depends On Your Credit Score Ratings

Let's face it - credit score ratings can be confusing. Even seasoned lenders can sometimes get confused and give out wrong or outdated information. For example, I was told by a bank manager that checking my own credit report would cause a decrease in my credit score because it goes on the credit report as an inquiry. He was partially right, and partially wrong. When a bank or credit card company checks your credit report, it does count as an inquiry - a "hard" inquiry, which always has and always will taken points from your total score. But, a do-it-yourself credit report check is only a "soft" inquiry, and doesn't hurt your score at all.


Don't Make The Same Mistakes I Did


Something else you may not be aware of is that closing an old credit card account because you are trying to streamline your budget and have decided that you don't want to use this particular card any longer will lower your credit score. I made this mistake, and it did lower my credit score by 5 points. I was told by my bank guy that the reason for this is that it makes my credit history seem shorter, almost as if I had never had the card in the first place. This was definitely a lesson learned the hard way!


When I found out that I had inadvertently lowered my credit score, I set to work to find out what I could do to make sure I didn't do something like this again. I did a little research, and found out the best ways to boost my credit card ratings, which I will list here.



  • Keep a close watch on your credit score by requesting a copy of your credit report a few times a year. Not only will you be able to see whether or not the score has changed over the period of a few months, but you'll be able to tell if there is any information listed in the report that should not be there.


  • If by chance you do see a notation in your file that you are absolutely sure was not caused by a transaction made by you, and then it is possible that you have been the victim of identity theft. If so, it's a lot easier and better to catch it soon after it has started than to not know about it and let it continue on for months before you finally figure it out!


  • This can be difficult for many people do accomplish, especially around the holiday season. But, don't charge things on your card until you have almost reached the credit limit on that card. This will have more of a negative impact on your credit rating than you realize.


• Do everything within your power to make sure you pay your bills in a timely manner every month! Late payments can really affect your entire credit profile.


If you are really interested in improving your credit score ratings like I am, do your homework and read all you can about credit and how it works and then apply what you have learned.


Not sure what your credit score is? No problem, find out how to obtain free FICO scores by visiting http://www.creditreportguideonline.com, a popular credit report site that provides advices, tips and resources including information on how to get a credit card with no credit check required quickly and easily.


Source: www.articledashboard.com