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Maximizing your Credit Score

By Brian Anderson
Published: Monday, December 14th, 2009

In many parts of the world where credit is an essential part of making transactions, one’s credit score can play a vital role in daily life. A credit score is a number based on statistical analysis of a person’s credit reports to represent a person’s credit worthiness. A person’s credit score is computed by taking a number of variables into account.

A credit score is a three digit score that uses different equations to have a basic idea on your credit and loan patterns. These patterns can vary from place to place and depends on other outside variables such as the patterns of other people around your vicinity, the duration of your credit accounts and even at some times, your marital status. Here are a few credit score advise to help you keep your score up.

A major variable used in calculating one’s credit score is on how well a person can keep up with different payments. Delinquent payments will always reflect in one’s credit score. One credit score advice is to always make sure to make payments on time. Failure to do so will surely affect one’s credit score.

Another credit score advise is to contact a legitimate credit councilor if you have any problems regarding credit in order to get professional advice. Beware of scams regarding credit score advise. Also, keep your credit balances and your debt-to-credit limit ratios low.

Like applying for a job, if you continuously quit a job at the rise of a new or better opportunity, future employees will pick up on this pattern and chances are that you may not be given that job because this pattern usually signals commitment issues. Another credit score advice is to take into account the length of your credit history. Credit cards active for short periods of time arouses suspicion for different account managers and can reduce your credit score. Keep credit accounts active for at least three years before closing them.

Credit inquiries should also be kept to a minimum primarily because multiple credit inquiries arouse suspicion on different creditors and could reduce your credit score. A good credit score advise here is to keep your credit inquiries as short as possible so as not to give a bad impression and thus reduce your credit score.

As a credit score advice, you should always keep track of all loans that you have. Overlooking some loans and their deadlines can be detrimental to your credit score because there is a very small chance of a person understanding that the reason you could not pay your loan on time was because you forgot.

Another credit score advise for those who are married is that many aspects of both party’s credit histories contribute to the persons credit score. When you marry someone, it is also marrying the person’s credit reports and debt. So make sure that you and your partner both keep each other’s credit reports clean so as to help from pulling yourself or each other down.

In this day and age, credit is a comfort but also a necessity. And there is nothing wrong with credit so long as you have the proper discipline and knowledge on credit reports to use it.

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