Credit Score
It’s Nothing Personal
July 26, 2011 | 
Author Your credit score is based upon your financial information, nothing else. Because the computer is cranking out numbers and formulas, there is supposedly no room for human bias in the scoring system.
The decision-making process regarding your credit is supposed to the made based upon your facts and figures, not your personal information.
Your sex, your race, and your nationality do not matter. How much you have in your bank account does not matter.
The credit score is supposed to be an objective tool for the lending industry to be able to compare apples to apples: how this guy pays his bills versus how that guy pays his bills.
Decision Making
The credit score is more important than we sometime realize. Even if you are one of the rate individuals who does not carry a credit card, have a home mortgage loan, a car loan, a student loan, or a personal loan, the credit report and credit score still have an impact on you.
I have never met anybody who falls in to that category, but I am sure that there are some of you out there.
Be advised. Your insurance company looks at your credit score to determine what kind of policy to give you. Your employer can even look at your credit report and credit score when trying to decide whether to hire or promote you. The credit score permeates into many corners of our lives.
Increase your Credit Score
Increase your credit score with a quick call to the credit card companies! For every card you have, call each one and ask that they increase your credit limit. This request is usually much easier for them to agree to than any other request you might have, they assume you will charge more on your account and that means more bucks for them.
You know how to make phone calls. What a great method that anyone can try!
You do want the increase in your credit limit – not to make more purchases, but to boost your credit score more. Your credit score improves dramatically if you do not use all of your available credit. The fastest and easiest way to accomplish this is to get more available credit. All you have to do is ask! By not using all of your available credit, your credit score can go up as much as 50 points.
Spread it
Play the spread! If the credit card companies won’t increase your limit, spread out your debt among all your credit cards. You want every credit to show the highest possible available credit. The FICO score system only wants you to use 30%-35% of your available credit on each card, so attempts for that amount.
Pay it
To get your cards down to that 30% or 35%, can you pay off some of the balances? Instead of spreading the balances around, maybe you can pay some down. If at all possible, pay off your cards, or get them down to a low balance.
Posted in Credit Score | 
Tags: credit history, credit monitoring, credit score, credit worthiness | 
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