Check credit scores Raleigh-Durham

You can also order a FICO® credit score (the score most commonly used by check credit scores Raleigh-Durham lenders) for $19.95 from MyFICO.com to check credit scores Raleigh-Durham know exactly where you stand.

Generally, FICO scores check credit scores Raleigh-Durham over 740 are considered excellent, while those falling below 620 may make it tough to even qualify for a loan.

"It definitely pays check credit scores Raleigh-Durham to have a good FICO Score," says Greg Pelling, vice president of Scoring and Analytics at FICO, the leading developer of credit scores. "Based on today's rates, a good score could save you almost $6,000 in interest payments on a three-year, $25,000 car loan.

Or save you $30,000 on a $100,check credit scores Raleigh-Durham 000 home loan over 30 years, if your check credit scores Raleigh-Durham score is above 740 rather than below 620. Lenders base their decision on many factors check credit scores Raleigh-Durham but your FICO score plays a major role." Banish late payments. A single late mortgage payment could knock 100 points off your score, so set up automatic payments for recurring bills (mortgage, utilities, etc.). Also consider setting up automatic check credit scores Raleigh-Durham minimum credit card payments if you're prone check credit scores Raleigh-Durham to forgetting or travel a lot.

And check credit scores Raleigh-Durham sign up for text or email alerts from your bank or credit union for when your balance drops below a minimum amount.

Monitor 'utilization.' Exceeding individual credit limits is another good way to get dinged.

In fact, the lower check credit scores Raleigh-Durham your credit utilization ratio (the percentage of available check credit scores Raleigh-Durham credit you're using), the better. free credit and report Try to keep your overall utilization ratio -- and the ratios on individual cards or lines of credit -- below 30 percent. Although it usually it makes sense to pay down credit accounts check credit scores Raleigh-Durham with higher interest rates first, if you've check credit scores Raleigh-Durham tapped more than 30 percent of available credit on a particular card, bringing that percentage down first may help boost your score more check credit scores Raleigh-Durham quickly. Timing is critical. Even if you pay off your balance each month, showing a high utilization ratio at any time during the month could conceivably hurt your score if the statement balance is elevated when it gets reported to the credit bureaus. This is especially problematic for people whose credit limits were lowered after the recession began. A few suggestions:

Spread check credit scores Raleigh-Durham purchases among multiple cards to keep individual balances lower -- while still paying off as much as you can each month, of course. Make an extra payment midway through the billing cycle so your reported outstanding balance appears lower. Ask check credit scores Raleigh-Durham lenders to reinstate higher limits if your payment history has been solid -- but don't tap the extra credit just because it's there.

Be cautious with transfers. Transferring balances to a new credit card account to get a lower rate will ding your credit score by a few points -- although check credit scores Raleigh-Durham it won't take that long to recover. secure credit report But, say you move a $2,000 balance check credit scores Raleigh-Durham from a card with a $10,000 limit to one with a $4,000 limit; check credit scores Raleigh-Durham you've immediately gone from a 20 percent check credit scores Raleigh-Durham utilization ratio to 50 percent on the new card. Plus, if you then close the higher-rate card, you'll only compound the problem by check credit scores Raleigh-Durham both lowering your available credit and erasing a longer-term account from your credit history. Mix it up. People who demonstrate managing several types of credit earn higher scores, so if check credit scores Raleigh-Durham your revolving (credit card) payments are under control and you don't have any outstanding installment loans (mortgage, car, student), consider taking out a small personal loan and paying it off on schedule. Just make sure the lender will report it to all three bureaus.

A few other credit score-improvement tips:

Make sure that credit check credit scores Raleigh-Durham limits on individual cards reported to credit bureaus are accurate. Don't automatically close older, unused accounts; 15 percent of your score is based check credit scores Raleigh-Durham on credit history.

In fact, make occasional small check credit scores Raleigh-Durham charges on existing accounts (paying them off, of course) to make sure the lender doesn't close them out. Each time you open a new account there's a slight impact on your score, so avoid doing so in the months before a major purchase like a home or car. Pay off medical bills, as well as parking, traffic or library fines. Once check credit scores Raleigh-Durham old, unpaid bills go into collections, they can cause major damage to your credit.

There are many good resources for learning more about what you can do to repair and protect your credit scores, including MyFICO.com's check credit scores Raleigh-Durham Credit Education Center, the FTC's Credit & check credit scores Raleigh-Durham Loans page, and What's My Score, a financial literacy program run by my employer, Visa Inc., which also features a free FICO® Score check credit scores Raleigh-Durham Estimator that can help you approximate your score. where to get a free credit report online