How To Raise Your Credit Score

Your credit score, the 3 digit number that represents how good your credit is in the eyes of lenders, is more important now than ever. With the ongoing financial crisis, lenders are more less apt to hand money over to borrowers who have a less than stellar credit history.

In fact, most lenders are now looking for a score of at least 740 before offering up the best rates. A minimum score of 620 is now a requirement for Fannie Mae. These numbers have changed drastically from the pre-crisis days when almost no one was getting rejected and the minimum FICO score needed to secure a lower interest loan was 720.

Another fact to consider when thinking about a good credit score is that other entities besides lenders are considering your score too. These include potential employers trying to protect themselves from possible risk of theft, insurance companies for setting premiums and even landlords who feel that tenants may skip out on rent.

So what exactly can one do to create a good credit score? First of all you need to get your finances under control. Pay your bills on time and even pay a little extra when possible on outstanding loans or credit cards.

Believe it or not, you must use credit to get credit! A good credit score comes from having a history and if you are not using credit, you have no history for ratings bureaus to gauge you by.

While you have to use your credit to build your history, you don't have to carry a high balance and accrue large interest payments. Many people with good credit score ratings make purchases monthly with credit cards but pay off the balance every month. This way you're creating information for your report but aren't paying out on high interest.

What may be the worst thing to happen is letting a bill go to collections. These black marks are difficult to get rid of and will also cost you more in fees so you're simply better off all the way around by staying ahead of your bills.

You also need to be aware of what's really on your credit report! Unfortunately many reports contain incorrect information. Negative information can be removed from your credit rating report. In fact it's the law that the info must be removed if it's incorrect.

With the information found in this article you're sure to create a good credit score and raise your number significantly.

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