It’s Like the Olden Days With Credit Scores
Mar 20 2009
Remember when it was a big deal to have a credit card? You had to apply and prove you were a good credit risk. You waited like a kid before Christmas day until you heard whether you were approved. Then that day came when in the mail your Sears or Montgomery Wards or Phillips 66 card arrived. Holy cow Batman! With a credit card came awesome responsibility. Well credit is reverting back to the norm. The days of easy credit are gone. Protecting and building your credit score has become a big deal again.
Ways to protect and build your credit scores include:
- Paying your bills before they are due.
- Paying off balances each month.
- Managing the amount of credit you have open at any one time and knowing your balances.
- A high percentage of credit used to credit available–not so good.
- A low percentage of credit used to credit available–good.
- Get a copy of your credit report to see what’s on it. You may be surprised to find open accounts you have long forgot about.
- Don’t use credit just because you have additional credit available.
- Know your current credit score so you know where you are.
- Don’t share credit with poor credit risk people–’love’ doesn’t trump a person’s bad credit record and chances are they won’t change.
- Get help if you have credit problems. Check out http://nfcc.org/ or call your Better Business Bureau.
Now if only that 25¢ gas would come back.
If only they would listen. Over the years, credit scores have become a part of clean living and an indicator of a person’s sense of responsibility.