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Why your credit score is important

A credit score is a numerical value that is generated based on the credit transactions of an individual based on certain analysis done by credit files monitoring done by the credit bureaus. These scores are generated based on an individual’s payment history, debts owed, length of credit history, details about open or closed accounts, type of credits availed, etc. This score alone decides the worthiness of an individual in lending him any form of credit like loans, credit cards, home rent, etc. It will indicate to the lender whether the borrower can pay back the amounts or not. A high score indicates that the applicant is likelier to pay the bills on time. Hence, your credit score is one of the most important factors influencing a money lender’s decision. You need to get your free credit score for a good reputation in the financial market.

There are several types of credit scores of which FICO score and VantageScore are the most commonly used score models by the lenders to decide the creditworthy of the borrower. While Fair Isaac Corp. developed the former, the latter was developed by the three major credit bureaus respectively. The three major credit bureaus being Equifax, Experian, and the TransUnion. Although the credit categorization depends on the bank, the common classification used by lenders is 300 – 629: Bad credit; 630 – 689: Average credit; 690 – 719: Good credit; 720 and up: Excellent credit. While lower scores may get your loan or credit card application rejected or you may have to pay higher interest rates, an excellent credit is what qualifies you easily for every reward or credit program. The rest depends on the lender’s discretion. Credit card companies report the activities on your credit card to any one of the three bureaus which are then analyzed and maintained as personal credit history. You can keep track of your credit history by signing up for one of the several free credit monitoring services available online or get your free credit scores report annually from each of the major agencies at FTC-authorized website AnnualCreditReport.com (or call toll-free 1-877-322-8228).

If you thought, your scores could affect your eligibility for qualifying for a good credit program, wait! The other way is also true. If you apply for a credit card for which you are not eligible, and the application gets rejected, this is also going to cause damage to your credit score! When you keep reapplying and keep getting rejected, it will cause a major dent in your credit profile. To get your free credit score makes the application process lot easier and increases the chance of getting an approval.

Hence, it is required for you to get your free credit score report, check your eligibility for a particular program by matching it with the score and then proceed. And then, even if you are not planning to apply for any loan or a card now, it is advised to get your free credit score reports and compare them to see all the information lenders will see about your financial history when they consider your application. With this, you can identify any discrepancies or basic errors related to your address or bank details and get them rectified. If the scores are low, you will be able to spot things to plan your future activities so that you can strengthen your credit rating. This will help you in the long run.

You’ve got your free credit score report now, but you don’t know what the lenders look for in your profile before processing your application. Here are a few tips that will give you a rough idea on this:

Maintain a good payment history by making all payments on time to indicate the lenders that they can trust you on returning their money.
Ensure you have a low debt-to-income ratio which indicates the lenders that you don’t overspend or aren’t on a high credit/ debt risk. It is advisable to maintain it below 15% of your take-home salary.
Having a stable source of income adds to the lender’s perception of having financial stability. (A minimum of 2 years spent in the same job or steady salary)
Don’t allow many lenders to pull out your credit inquiries from one of the major bureaus. Having more number of inquiries somewhat indicates that you are struggling to get a loan approval and are running around to get the same due to poor credits.
Get rid of credit cards that are unused or have a zero balance on. Inform the credit-reporting bureaus to remove the discarded cards from your report by insisting that you closed the account and not the creditor.
Get a ‘soft’ credit eligibility check or use a pre-application tool as the case may be to get an idea of your credit rating. This will not affect the credit rating as compared to a full credit check which can affect your ability to get credit at a later date.
Ensure you get a credit card that reports to the bureaus, especially if you have a low score. It lets your activities to be monitored thereby helps you to get your free credit score.
Apply for a new card only after you have ensured your eligibility. Any application will temporarily lower your score and result in a hard inquiry on your credit report.

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