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The Relationship between you and your Credit Score

By Brian Anderson
Published: Wednesday, December 16th, 2009

Everybody makes mistakes. It is nothing new to any of us to experience a few mishaps and blunders at one point in life or another. But what would happen if these blunders were recorded and you would be denied other services because of this? In the 21st century, this scenario is possible because of technology has made the world much smaller than it already is. And if you make blunders with regards to financial matters, they can be recorded for the world to see, or in your case, different banks and credit card accounts.

Imagine being ranked based on a three digit number that will judge on the limit of transactions that you can make or the interest a credit company will give you. Imagine living the life like the character with in the book the scarlet letter. Where a letter branded upon you sends a message to all people that see you. Credit card and bank companies have a similar system in tracking people’s credit records. This system is called the credit scoring system

Credit scoring can be defined as a numerical value based on a statistical analysis of a persons credit record to determine a person’s creditworthiness. This three digit score relies on a number of variables that it uses to analyze your credit worthiness. Here is some credit score advise to keep your credit score up

Monitor Credit Scores Regularly

You should always monitor your credit scores on a regular basis. Your credit score is your financial reputation equated into numbers. As a credit score advice, you should closely monitor your credit score and make inquiries from professionals on drops in your credit score if ever that happens. Always keep in mind that it is in every individual’s right to inquire on his credit score and ask for assistance from a third person.

Discipline When Spending

A basic credit score advice is to keep discipline with using credit. Many people miss conceptualize the idea of credit from a delayed payment point of view to the idea of having unlimited cash. To those people who have misconstrued the idea of credit as having unlimited cash, you better be careful because this is exactly what could contribute to the detriment of your credit score.

Monitor Deadlines

Always list down deadline of different payments and loans in your calendar so as not to go passed any deadlines. This credit score advice points out that it is important to pay on time because delayed payments can mean many things like financial instability or carelessness. Neither quality would be beneficial to anybody if it is reflected on his credit score. If by the off chance that you cannot make the payment in time, call or contact the company, give them the reason you cannot pay and if possible try and work out something for you to be able to meet half way. 

With these points as a credit score advice you will be able to maximize what value you can get with your credit score and get the best loans at the lowest interest. Always remember that each credit score advice can serve a purpose with you and your financial transactions

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