Understand, Manage and Improve Your Credit

While you know that you have a “credit rating,” not all of you know your scores or how those scores were calculated.

Your creditworthiness is assessed two ways:

1.       Your Beacon score, and

2.       A detailed history.

Credit scores range from 350 (low) to 850 (high), with 750 being the median. The numerical score is calculated on previous payment history, current indebtedness, credit history length, number and frequency of new credit inquiries and, types of credit held. Two so-called “Beacon killers,” are payments more than 30 days late (even small amounts) and maxed-out credit cards. The detailed history adds personal information, banking information and specifics on accounts and payments.

Repairing bruised credit is not easy, but over time it can be done. Here are three strategies to repair your credit:

1. Pay all bills on time – late payments hurt ratings
2. Pay down outstanding debt through consolidation if necessary.
3. Keep credit balances below 75% of the maximum
4. Avoid applying for additional credit; too many applications in a short period signals financial difficulties

You should also review your credit history at least annually, which is free when requested in writing or by fax. Download the request form here. The Free report, however, does not show your Credit Score. To see your credit score you will need to purchase a copy at a cost of approx. $23.00 at Equifax – Score Power.

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• How to avoid the costly financing pitfalls
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