Good Credit Card, Good Credit Score

Having a good credit card is one thing, but it’s more important to have a good credit score. In this day and age it’s more than ever important to have a high credit score if you are to ever get a loan as well as several other things.

Years ago, having a good credit score helped with loans, but now a days you can lose out on an available apartment or even the job that you want. That’s right, in some cases when you apply for a job or an apartment, the interviewer will check your credit score. Not only do they check you credit score, but your credit history as well. They feel that if you can’t run your finances correctly, you won’t be able to be responsible enough for their company.

As with loans, having a score of 686 instead of a 690 could mean the difference of thousands of dollars in interest payments. No matter what, you need a good credit score.

So if you want to improve your credit score, here are some way that will help.

One of the biggest ways in helping your score is checking your credit reports for mistakes. A minor one can hurt your credit rating. One a year you are allowed by law to get a copy of your credit report at no charge. You Need to do it every year to stay on top of it. You might be amazed by what could be on your report.

Another way to boost your score is to pay off the balance of the credit card every month. Some credit cards will report to the agencies a couple of times a year, which will increase you score. On top of that, you’ll save tons of money interest rates.

The more credit you have doesn’t necessarily mean that it will help your credit score. In fact having too many credit cards will actually lower your credit score. This is why it’s important to have only two to three credit cards.

If you’ve borrowed money, it’s important to pay it back and to do it on time. Any loans you have (including college loans) will report to the credit bureau. So if you owe money that’s long overdue, you need to pay it off and ask the entity to report to the bureau that the loan has been satisfied.

Never max out any one credit card. If you have three credit cards that have a credit limit of $500, don’t have one card with a $1200 balance while the rest have $0. It’s better to balance your debt among the three of them. To help your score, always try to keep the balance of each card below 50% of the limit.

There are other ways to improve your credit score, but these are the best ones that will help you.

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source: about.com

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Establishing a good credit history is not as difficult as it seems. In all cases, however, you’ll need to make payments on time. Some tips include:
* Apply for a credit card through a local store. Local stores are more likely to extend credit to people without an established credit history.
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* Ask someone with a good credit history to co-sign on a loan or a credit card application. By co-signing, the person is agreeing to pay back the loan if you don’t.
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