Get the Credit Score You Deserve

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Posts Updated 10/26/2023

To get a good credit score, you have to know how to play the "Credit Score Game".

Credit score game
Credit score game

Credit scores are very similiar to playing a game. If you know the rules and play by the rules, you have a better chance of doing well in the game. 

Rules and Strategy:
1. Rules to Follow: Just like in a game, there are specific rules that govern how your credit score will be calculated. Following these rules will help you make smarter financial decisions to improve your score.
2. Strategy Involved: To increase your credit score, there needs to be a strategy. This stategy involves paying down balances, keeping old accounts open for a longer credit history, and only applying for new credit if necessary.

Game Scoring:
3. Points System: Your credit score is essentially a points system, with various factors contributing to your total score. Good actions, making payments on time, will increase your score, while negative actions, like missing payments or carrying high balances, will decrease your score.
4. Levels: Just as games have levels or tiers, credit scores have ranges that classify your creditworthiness. For example, a score of 800 and above is considered excellent, while a score below 600 is considered poor.

Challenges and Rewards:
5. Rewards for Good Performance: Just as performing well in a game can lead to rewards, maintaining a high credit score can lead to lower interest rates, better terms on loans, and more favorable credit card offers.
6. Penalties for Mistakes: Making a mistake in a game will set you back, just as making a financial mistake (like missing payments or latepayments) can lower your credit score.

Continuous Play and Improvement:
7. Continuous Attention: Just like a game that requires ongoing attention and play, your credit score requires continuous management. Regularly checking your credit report, making payments on time and not being late, and managing your debts are all ongoing actions that contribute to the “score.”
8. Opportunities for Improvement: In a game, there are usually opportunities to improve your score or performance, and the same is true for your credit score. When you’ve made financial mistakes in the past, step can be taken to improve your credit score over time.

In Conclusion:
Knowing how to play the “Credit Score Game” will help you do well. For example: Thinking if you pay loans off quickly and close credit card accounts will help your credit score, you are very wrong. It’s important to read our blogs regularly to help you not make “moves” that will actually lower your credit score.

--- When should you improve your credit score ---

Time to Fix Credit Score
Time to Fix Credit Score

**Before you buy a car, home, getting a loan or applying for a major credit card.  A higher credit score will yield lower interest rates. Low credit scores could cause denials of loans or credit cards.
**Before you apply for a job. Some jobs check credit reports.
**After a financial hardship. During the hardship people will  use more credit to save  their cash. Increased debt will lower credit scores and increases interest rates.
**Periodically to check for errors and report them to the credit bureau.
**After identity theft. Check for unauthorized purchases in your name on your credit reports.

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