by William Bond

Created on: December 19, 2009   Last Updated: December 20, 2009

  This is an excellent time to review your credit score, and improve it, to get the best possible credit terms for all the credit options your need in your life.  Since the recession and credit crunch hit during the last two  years, many people became unemployed, and began to use their credit cards and and other  loans to keep up payment of regular monthly bills.  Having the best possible credit score offers you the benefit of getting the best possible finance rates for credit cards, mortgages, home equity line, auto loans and even retail cards. I will offer tips on how to build your credit score to get the best interest rates as a reward.

 Your Credit report  information  generate your FICO Score.

 Your credit report is based on your history of handling your credit over the years.  These records are kept by 3 major credit bureaus:  Experian, Equifax, and TransUnion, they compile your payments for all your debts from credit cards, auto loans, first or second mortgages, retail store cards, and others loans.  You can contact  one or all of them on the Internet, and they will send you a copy of your credit report.  Get your copy, and review it to be certain that all the information on your credit report  is accurate.  If not, contact your credit bureau, and inform them about the incorrect informatlion, and take the steps necessary to get it corrected ASAP.  Why, because an error or two can hurt your FICO credit score. Always get your credit report first, and then deal with your FICO credit score.

 What is your FICO  credit score?

 The FICO stands for the company "Fair Issac Company" who has credit scoring system which looks at many areas your your credit history, payments, amount owed, length of time using credit, any new credit, and types of credit used.  When all of these areas are checked, a credit score is offered to you.  The most important area is payment history, which accounts for 35% of your score, the next area is the credit owed accounting for 30% of the score, the remaining factors are time using credit l5%, any new credit l0%, and types of credit used is l0%.  You can buy  a copy of your report by contacting online:  FICO.com.  Make certain any corrections you made to your  credit reports

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