Earning Your Credit Score

The highest Credit Score is 850….and you have to earn it.  The scale goes from 300-850, and the higher your score, the better.  It means your Financial Health is on solid footing.

Along the way, your score will be checked by others….if you’re looking to rent an apartment, get a mortgage, get a loan of any sort, or acquiring credit cards. A potential employer will also check your credit, however, it is a little different and is called an Employment Screening.  They are all within their rights to do so, and can turn you down for whatever it is you are looking to get.  They don’t want to take a risk on someone who isn’t financially sound.

Your score fluctuates depending on if you pay your bills on time, according to the stipulations set up with the company you’re doing business with, as well as paying balances in full, and how much outstanding debt you have.  Each time someone checks your score, it will go down a few points.  This will reverse as your bills come in and you pay accordingly.

You can, and should, check your own Credit Score.  It’s free to do. It will let you know if someone has, and is using your information, or if they have opened new accounts in your name.  In checking, you will receive a free run-off of all your creditors, along with balances and payment history.  Scrutinize it. You can check once a year…. at each of the three companies.

• Equifax – 1-800-685-1111
• Experian – 1-888-397-3742
• Trans Union – 1-800-916-8800

A good way to do this is on a quarterly basis:

January:  Equifax – – – May:  Experian – – – September: Trans Union

If you find a discrepancy of any sort, notify the Credit Company immediately.