Do you know what your credit report score is? You’ve seen commercials asking this question, and for some people, the television might get muted or the channel could change. It’s a fact of life, if you’ve got credit, then you’ve got a credit score. It might be high or it might be in the middle, it might be low and in need of attention or repair. The good thing about your credit report score is that it can be monitored and adjusted, it’s up to you and your financial payment history. A credit report score is based on your credit history. If you open a department store credit card or even a major credit card such as Visa, MasterCard, or Discover and use them to obtain purchases, then your payment history determines your credit history. If you don’t pay the minimum payment or default on the credit card it will affect your ability to obtain other credit. This score is also known as the FICO, Fair Isaac Corporation. Some lenders require a higher credit report score than others so not being able to obtain credit at one retailer might not be necessarily true at another. If you spend any amount of time on the internet then you’ve probably seen the flashing banners that ask you in a non-threatening way via colors and animation what your credit report score might be. You can tell that it’s an important topic because when you try to obtain credit and your score is below what a lender accepts, you won’t be able to get credit. A good credit score is in the high 700’s, an average score sets in the middle 600’s and a bad credit report score is 500 or lower. If you have a lower credit score and need or want to raise it you can do a few things. It will take time but these suggestions will help you. First you need to find out what your credit score is, and by being denied credit you’ll know that a problem exists. Still, it’s important to know what your credit report score is. You can contact one or all three of the major credit companies, Experian, TransUnion and Equifax. Review your credit history and see where a red flag has been placed. If you are able to eliminate a problem, then do so. To raise your credit score, you might need to obtain a secured credit card. You will generally have to pay a fee to have this credit card and you must never miss a payment. It will help build back your credit standing. Remember, your credit score reflects many things, but one of the most important things is how you pay back your financial obligations. If you always pay on time and pay at least the minimum amount due, you will generally see your credit score rise. But again, this is a history, so one or two months of on-time payments are probably not going to change it much. If you are applying for a position with a potential employer, you are often asked to submit to a background check. This allows the company you’re seeking employment with to check your arrest record, your previous employers and now, your credit history. If you don’t meet their criteria, you might be denied employment. A lot of people don’t check their credit report history until there’s a problem. You owe it to yourself to obtain your credit report, it’s free and you can obtain a copy from each credit reporting agency once a year. They may report different information on each report. I suggest obtaining your credit report once every three months and rotating which agency you use. It could mean the difference between obtaining credit and what interest rate you’ll pay on a loan.
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