Do you have A Poor Credit Score?
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Your credit score, calculated from information in your credit report, is a measure of how good a risk you are to a credit grantor. Any lender to whom you apply will obtain your score and provide it to you. As noted below, however, inquiries by lenders may have a negative effect on your score, whereas inquiries by you do not. Hence, it is a good idea to find your score before you apply, so you can make an informed decision on whether or not you want to apply at that time.
Correct Mistakes in Your Credit Report
Your score should not be reduced by reporting mistakes, which are all too common. Dispute any trade line that are out dated, not correct, or un verifiable should be deleted from your credit report. Disputing the bad trade lines while improving your credit score by doing the following will help you increase your credit score to a 640+ Fico score.
Pay on Time
The core rule is to meet your debt obligations on-time, every time. If you have had payment lapses in the past, but your habits have improved, time is on your side. The credit scoring rules weight recent experience more heavily than older experience. Because finance companies lend to relatively poor risks, the credit score of any borrower owing money to a finance company is lower than it would be if the creditor was a bank. By the same logic, borrowers who have credit cards of department stores are penalized, relative to what their score would be if they had cards issued by banks.
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