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A high credit score is a good credit score

Thursday Feb 18, 2010

A high credit score is a good credit score.

A lot of people aren’t really sure what their credit score is or why it’s vital to your financial health.

Credit scores affect whether or not you can get credit and the rates you pay on credit cards, loans, mortgages, and any other kinds of credit.
Looking for an apartment? If you have a low credit score, your application could be denied. Also, if you have a low credit score, you might be asked to put down a higher deposit.

Lenders also look at your credit score and quite often. They look at your credit score to decide if they should change your interest rate or credit limit or if they should send you offers in the mail.

Scores can range between: 300-850. The average person scores in the 600’s and 700’s. Anything above a 700 is very good and shows good financial health and anything lower than 600 indicates risk and can cause lenders to charge you higher rates or cause them to turn down your credit card application.

Here are some things that you can do to boost your credit score:

1. Pay your bills on time. Late payments and collections can really lower your credit score.
2. Try to keep your balances as low as possible. The more debt you have the more your score will drop.
3. Pay off debt as soon as possible. The best way to do this is to pay off all debt instead of moving it from one card to another. This will help to improve your credit.
4. Only apply/open new credit cards when absolutely necessary. Having 1 or 2 can help improve your credit, if you are paying them on time. Having too many can possibly pull you into debt.
5. If you have missed payments, start paying them on time. The longer you pay your bills on time, the higher your score.

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