Credit Score

 

How Can You Maintain a High Credit Score?

 

Many people do not think much about their credit score until the need for a new loan or card surfaces. This number, falling somewhere between 300 and 900, serves as a summarization of the credit information given by financial institutions or card providers. An inquiry is performed to determine how likely you are to develop delinquencies on future obligations. You will have a low number or no report when there is not enough data to generate this summarization. It can also become low as items negatively impact your credit history. Your free yearly report will list every item and provide codes to help in determining what ones have the most significant impact. It is important to receive this report at least once a year to make certain the information is correct and to maintain a healthy record.

Your score will change every time new data is provided to one of the reporting agencies and can vary depending on what has been provided. The number is based on three categories of data:

  • Account Information – cards, loans, and rent.
  • Public Records – tax liens, bankruptcies, or other financial records
  • Inquiries – the number of times lenders have requested to view the information

You can inquire about a credit score or request a full history without affecting this portion of the data. The report will be altered in a negative manner any time you make a late payment. Credit cards constantly flirting with the max limit can also badly impact this score. A recently experienced bankruptcy, foreclosure, or lien will lower the number even further. While income does not affect the provided information, a period of unemployment can decrease the number and cause lenders to deny the request.

Here are a few things you can do to maintain good financial standing:

·         Make all payments on or before the due date,

·         Keep the percentage of used credit no higher than twenty-five percent.

·         Ensure steady employment.

·         Avoid bankruptcy or any type of foreclosure.

·         Monitor the number of hard inquiries you are accumulating.

·         Use credit regularly, but never as an extended form of income.

 

TURNSCOR is the industry leading Credit Repair Software platform to raise your personal credit score.

No need to invest hundreds or thousands of dollars to pay a lawyer or third party to do what you can do for yourself. This was the sole reason we developed TURNSCOR. The major credit bureaus and creditors would like for you to remain uninformed, thus allowing them to charge you higher rates of interest based on your personal credit scores. This reason alone makes it very difficult to build wealth without a high credit score. Get started today.