Keep Close Tabs on Your Credit Score

Watching your credit score is a must. Here are a few strategies that could improve the chances of getting a loan AND possibly getting a better rate.

RISMEDIA, August 3, 2010-With banks tightening their grip on loans, getting one is requiring more work and vigilance on the borrower's part. Even people with excellent credit are jumping through hoops to verify everything.

So what can you do?


Paying bills on time, don't be overextended on credit. Lenders look at how credit is managed,  it is important to pay down credit before applying for a loan. This can help raise your credit score and get a better rate.

When you do pay down a debt, such as on a credit card, keep the account open to show you have a long credit history and you are responsible by not maxing out every loan you get.

Next, verify your credit score every year. Requesting your own report does no damage to your record. There are three credit bureaus that maintain reports. Request them all through www.annualcreditreport.com. Reports are free once a year.

Dispute mistakes.

The importance of good credit in our changing economy cannot be overemphasized. You run the risk of not having a lifeline when times are tough. In addition, those with poor credit also face higher expenses such as interest rates, insurance premiums, and rental rates can be higher for those without excellent credit, not to mention employers may shun applicants that do not demonstrate responsible money management.

So stop right now, go to your iPhone or Blackberry or whatever you use to manage your busy life and make a yearly "To Do" of auditing your credit.


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