Credit Scores Matter

Credit scores are used by lenders, insurers, utility companies, landlords and employers to evaluate your financial responsibility.  They are reported by each of the three major credit bureaus; i.e., TRW (Experian), Equifax and Trans-Union and are calculated using a "scorecard" where you receive points for certain things. Credit scores usually range from 300 to 850 and vary per bureau due to different emphasis being placed on different items.  Creditors and lenders who view your credit report do not see how your score was calculated, only the final scores.

Items That Affect Your Credit Scores

Too many accounts opened within the last twelve months
Short credit history
Balances on revolving credit are near the maximum limits
Public records, such as tax liens, judgments, or bankruptcies
No recent credit card balances
Too many recent credit inquiries
Too few revolving accounts
Too many revolving accounts

Credit Scores and How Lenders Use Them

Basic guidelines on how to view the credit scores vary a little from lender to lender.  Depending on the terms of the loan requested, credit scores are broken down into segments and used by all lenders in grading the borrower’s credit and ability to repay the loan.  The higher the score (less risk you present to a lender), the lower the interest rate.  The lower the interest rate, the more you save!

How to Improve Your Credit Scores

The first steps to improving your credit score is to check your credit report for errors, maintain at least three open accounts below the maximum credit line and make all your payments on time.  To get started, go to (see below) and order your FREE Credit Report today.   Although the FREE credit report does not include your credit scores, it’s a great tool for monitoring your credit history! is a centralized service for consumers to request free annual credit reports. It was created by the three nationwide consumer credit reporting companies - Equifax, Experian and TransUnion and is the only service authorized by Equifax, Experian and TransUnion for this purpose. provides consumers with the secure means to request and obtain a free credit report once every 12 months from each of the three nationwide consumer credit reporting companies in accordance with the Fair and Accurate Credit Transactions Act (FACT Act).

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