Credit Score | Getting and Keeping High Credit Scores
Your credit score is one three-digit number that will follow you around for the rest of your life. It’s important to follow these rules and guidelines outlined here so that you can get your highest credit score possible. Keep reading to find out how to get and keep a high credit score and the advantages of doing so.
Credit Score and What It Means To You
The importance of having a high credit score outweighs anything else that you put into it. Having a good enough credit score can mean that you pay less for credit, mortgages and other home loans, car loans, and credit loans. For the life of the loan, you can be saving thousands of dollars that is usually thrown away if you have a higher interest rate before of a low credit score. It can also mean having to pay more for insurance, much more in many cases.
Having an adequate credit score can mean much more to you and affect your daily life in so many levels that you may not even realize it. It can affect where you live, what job you have, what car you have, what neighborhood you live in, and what schools your children go to. If you have a low credit score, you won’t be able to get a home loan in the area you want to live and that can affect where you live, what neighborhood you are in, and with school zoning, what schools your kids go to. Also with your credit score, you may not be able to get approved for a car loan and that can affect what car you drive. Nowadays, companies are doing background checks and they pull up your credit history as well. This can affect what kind of job you get and how much money you make.
When it all comes down to it, there are a lot of everyday factors that can be affected just because of your credit score.
Getting and keeping a high credit score depends on your everyday actions as well. You will need to pay your bills on time and never miss a payment, kept your debts low or eliminate them fully, get high credit limits, and keep your credit quality a good mix of secured and unsecured debt. Secured debt are to be avoided as much as possible and get unsecured debt like mortgages and a major bank card like Visa or American Express.
Avoiding excessive hard inquiries will also help raise your credit score and you can do this by not applying to so many credit card applications at one time. It takes some time for your inquiries to disappear from your credit report so you need to keep that in mind to help raise your credit score.