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Credit Score Advice: Don’t make a Devil’s Bargain

By Brian Anderson
Published: Tuesday, November 24th, 2009

If given the chance, would you make a deal with the devil in exchange for your soul?  Many stories both old and new pose this question. In the Bible, Satan offered Jesus all the kingdoms in the world in exchange for bowing down to him. In the German Literature of Faust the agent of the devil Mephistopheles offers a lifetime of  wealth and riches in exchange for damnation after. Even Brendon Frassier in the movie bedazzled offers his soul to Elizabeth Hurly (probably the most beautiful devil you will ever see) for the love of one woman.

Come to think about it, the temptation of getting now and paying later has never been greater than it is now. Almost anywhere around the world, credit can be obtained, but like the contract offered by Mephistopheles to Faust there are always records of your expenditures. And in this modern day and age, that record can be found in your credit score. Do you want some credit score advice? Here they are.

First of all, what is a credit score? A credit score is a numerical expression based on person’s credit files that determine if the person is eligible for a loan. If you have had one too many, not only will you not be credible for a loan, but this delinquency can follow you around wherever you will go.

One credit score advice is if you really need that loan, by all chances make it. But make sure to fulfill your end of the bargain and pay your dues before your time runs out. Credit is something that can be availed too easily today that we lose touch with how much financial freedom we can afford. As a credit score advice rule, you will always reap what you sow, and you would not want to sow this through your credit score.

Another credit score advice is that even if you do pay off long overdue debts, it does not necessarily mean that your credit score will increase. The very fact that you have had these overdue debts already is a deduction to your credit card score. Sometimes the best that you can hope for is that your credit score would not be deducted further.  For banks and companies, the past will always stick. Imagine judgment day upon us, you probably will not be commended for giving thousands of dollars to charity if you stole the same amount before that. As a credit score advice rule, prevention is better than cure. 

One last credit score advice is to understand how this scoring system operates so that you will not unwittingly make transactions that will deduct your credit score. Ask your credit card company or bank how the FICO formula is applied on Credit scores to have a better knowledge on Score maintenance and increase.  It’s like studying for an exam. The more you understand a topic, the higher the grade.

Keeping this credit score advice will help you from signing that dreaded contract and giving you delusions of grandeur at the expense that you can never pay when the time comes. Remember that your credit score can play an important role in every transaction that you make. So always keep it clean if you want to have continuous transactions.

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