Do you have any idea what the average credit score is in the United States? Even with all of the tough times, the average credit score is still at 690. People are still willing to make the effort to keep their credit score at a good number so they remain credit worthy.
A lot of financial people do predict that the credit score will soon decline. Even economists are predicting that with the high unemployment that the average score will go down in the near future. Because so many people have lost their job, those who did pay on time, will no longer be able to do so which will result in a lowering of the national average score by at least a few points.
If you have the means to keep your score above average, then make sure that you do. Lending institutions have tightened their credit policies and have made their credit requirements very stringent. Lenders do not want to take any risk on anyone who is not going to pay their bills on time. Today, getting credit is very difficult and that makes it even more important that your credit score is good.
First you need to get your credit score from all three credit bureaus–Experian, Equifax, and Transunion. Contact each of them to obtain a free credit score report which they give to you one time a year only. Go to each of their sites online and order one today. There are also services that will provide a credit report to you and it is possible to order them online at many trusted sites. Once you know your credit score, you are in a better position to improve it or to make corrections if there are errors on it.
Now that you know what it is, work to make the credit score better. If you found errors on your credit repair, be sure to correct them by writing to the creditors. To improve your score, do not max out any of your credit lines without paying at least half of the balance due. It is a lot of fun to see your credit score as it begin to rise once you have paid half the balance you owe.
Make it a personal financial policy to pay your payments to your credit cards either on time or a week early. The result of having a delinquent payment on any of your credit cards causes the creditors to report the delinquency to the credit bureaus. Once they report the delinquencies, you will notice that your credit score will begin to decline.
To keep your credit score high, try and minimize the amount of credit applications. When you get denied, this brings your credit score down by a few points each time you are denied. With each inquiry, a point is taken off your overall score. Keep what you have and keep your credit score just where it needs to be.
It is very important that you seriously work on repairing your credit score, so take our advice. Visit our site and learn all of the financial facts you need to know to make this happen for you so get Credit Repair Advicehere and now.
