Mike Singh asked:




You may find yourself asking what does your credit score mean exactly? This is a valid question, many people ask themselves what does a credit rating mean. It is a score that determines how responsible you have been in handling your credit and debts. When asking about credit score, it signifies you should also know it helps in getting accepted for a loan or a credit card so it is important to keep it in good standing. Also when looking at your credit rating means you should do everything you can to improve it if need be.

Not only should you know what does your credit mark mean, but you should also know the parts that it is made up of. This is because there are many numbers and names all over it. It is important in determining what your credit mark mean to look at it at least once a year in order to avoid any problems and to resolve any that do arise as quickly as possible. This will mean you must look at it carefully and make sure everything is correct from your address to the balances on each account.

Something else that you need to do when trying to figure out what does your credit score signify is making sure you are ready to dispute anything that is wrong on it. You should also be aware of how to go about this. There are ways and the creditors must oblige within a certain amount of time.

A good thing to do before attempting to find out about your credit rating is to get a free copy of it for your records. This can be done online and at least once a year needs to be done. If it is too low for your own comfort you can work on improving it by curbing spending, paying on time and transferring balances. Do not buy anything you really cannot afford.

When trying to figure out your credit rating mean you should look at the interest rates of different credit cards. These interest rates can greatly affect your credit score and your ability to pay credit cards off. Get rid of any cards with high interest rates as soon as possible and you will be better off.

Most of the time when you are looking at what does your credit score mean, you are trying to figure out if something is wrong with it and looking for a way to improve it. By following these simple suggestions you can be on your way to doing a lot better financially. As long as you understand your credit mark mean, you are well on your way to being debt free.

Kathy

Danny Fredricks asked:




In this article I’d like to address a question I answered on a credit restoration blog earlier this morning. A reader in great financial distress wrote in a seemingly full fledged panic: “my credit score is under 600….help!”

The truth is, any score in this range is NOT good. You are going to have problems getting even “B” grade mortgage money, will probably NOT qualify for most unsecured credit cards, and you may even have a hard time buying a new car. But, even with that said…all is NOT lost. If you have a quick 60 or 90 days to invest in your financial future, these 3 simple tips should turbo charge your score in short order right back up to where it belongs. Let’s look at a few of the recommendations I made.

Pay down Your Balances if Able

This is a very simple way to boost your score in a heartbeat, and really only takes one cycle of monthly reporting updates to reflect the changes. If you have available cash on hand (the guy above actually DID) you can simply pay down the amount you own on each card. Try to reduce the balance, relative to the credit limit extended, to UNDER 30% whenever possible. Again, a significant portion of your score is predicated on the amount you owe, relative to the amount of credit extended to you, in aggregate. Simply dropping these ratios down to acceptable percentages is easy, effective and ALMOST overnight.

Take the Good Credit Challenge, Baby!

Challenge EVERYTHING on your report that is negative, and old. (Of course, ultimately you will want to challenge everything that is simply negative at all) Accounts that are dated 4 years ago, and longer are VERY easy to get off of your report, simply as a function of how these accounts are prioritized by those reporting them as delinquent to the bureaus. You need not UNDERSTAND why this is, just know it works. Find your old derogatory items, prioritize them by degree of ugliness, and simply start churning out the disputes! It’s really simple, and you WILL be surprised at how fast your score goes WAY up!

Lonnie