{"id":1137,"date":"2007-05-25T07:27:39","date_gmt":"2007-05-25T14:27:39","guid":{"rendered":"http:\/\/getrichslowly.org\/blog\/2007\/05\/25\/proper-care-and-feeding-of-your-credit-score\/"},"modified":"2023-09-24T10:00:34","modified_gmt":"2023-09-24T16:00:34","slug":"proper-care-and-feeding-of-your-credit-score","status":"publish","type":"post","link":"https:\/\/www.getrichslowly.org\/proper-care-and-feeding-of-your-credit-score\/","title":{"rendered":"Proper care and feeding of your credit score"},"content":{"rendered":"
Your credit score is like a pet monster under the bed. Feed it and care for it, and it will do your bidding. But if you neglect it, it will turn against you. But beware! Taking good care of it can bring you dangerously close to its sharp teeth.<\/p>\n
Your credit score determines the types of credit you can obtain, and how much you will be charged in interest. Last year I described the anatomy of a credit score<\/a>, explaining that it’s a single number derived from various pieces of information contained in your credit report.<\/p>\n CNNMoney has a presentation that describes six situations<\/a> that can to turn your credit score from a friendly monster into a raging beast. If you want to keep the beast happy, avoid:<\/p>\n As with caring for any monster, keeping your credit score<\/a> happy requires some choices that may seem a little dangerous. Limiting your credit might make the most sense from a rational standpoint, especially if you’re trying to get out of debt, but it makes your credit monster cranky. It’s hungry for more. You should do what works for you<\/i><\/a>.<\/b> In my case, I opt not to carry a personal credit card despite the ding to my score. This is best for my situation.<\/p>\n Remember to obtain your free credit report<\/a> regularly. The Fair Credit Reporting Act requires each of the nationwide consumer reporting companies to provide you with a free copy of your credit report, at your request, once every 12 months.<\/p>\n The easiest way to check your credit is through AnnualCreditReport.com<\/a>, an official, government-approved site. If you’d like, you can obtain reports from all three credit reporting agencies at once. Or, you can stagger your requests, possibly requesting one report every four months from a different agency.<\/p>\n Be good to your credit and it will be good to you!<\/p>\n","protected":false},"excerpt":{"rendered":" Your credit score is like a pet monster under the bed. Feed it and care for it, and it will do your bidding. But if you neglect it, it will turn against you. But beware! Taking good care of it can bring you dangerously close to its sharp teeth.<\/p>\n Your credit score determines the types of credit you can obtain, and how much you will be charged in interest. Last year I described the anatomy of a credit score<\/a>, explaining that it’s a single number derived from various pieces of information contained in your credit report.<\/p>\n\n