There are three companies by which you can check your credit score these days, and they are obligated by law to give you one free credit report per year. Once you know this and you have started to inquire about getting your free report you are halfway there. Let's say for instance that your FICO score is below 650. This is a very low score and you will probably not qualify for many different types of loans, especially home mortgage loans and business loans and if you happen by some miracle to qualify for these types of loans your interest rates will be astronomical which means that you will have a huge monthly payment. What are some good tips to get your credit score back to a respectful number again? Lets look at a few basic steps you can begin taking asap.

The first thing you should do is look through your whole credit payment history as this is the single most important factor at the major credit agencies look at when they determine how high or how low your credit score should be. If you are delinquent on any past payment, the first thing you should do is rectify the payment and make it a point to never be late on one again. You should also think about charging a little less on your credit card every month than you normally would. This will also tell the credit agencies that you were being a lot more mature in the way that you handle credit and they will in turn reward you with a higher FICO score.

Another little tip you should know is once you have paid off that old account that you should never close. I know this seems like a contrarian viewpoint but the credit agencies will look at it from another point of view. They will see someone that has closed their current account and doesn't plan to borrow any more. I know this seems unfair but the credit agencies want someone that will continually borrow and pay back on their loans and payments so if you keep your account open, even though you wanna longer paying on it, they see it as a sign that you have left the door open and might still borrow or charge through that account in the future. I hope these tips have helped to give you something to think about that next time your credit score unexpectedly goes lower. Look for part two of my article on how to raise your credit score in the near future.

IF you want to learn more on how to get your Credit Score higher, visit http://www.onlycreditscore.com/, the premier credit informational guide on the net.

Article Source: http://EzineArticles.com/?expert=Bob_Randooke
    

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