Avoiding A Bad Credit Rating

Your credit rating is the key to many things, including good rates on loans, credit cards, and even auto and home or renter's insurance. Credit ratings or rankings are based on a number of factors, but more and more lenders and insurers are basing their decisions and rates on how high (or low) your credit score is. In the United States, credit scores are calculated by three major credit reporting agencies: Experian, Equifax, and TransUnion. 300 to 850 is the range of scores, though you're never likely to be at either end of the spectrum. A credit score of 640-650 is considered below average, and if you're in that range, you want to work to improve it. 650-720 is "average", and most people fall within that range. Over 720 is a good credit score. If you need to improve your credit score, you need to know which actions will make... [read full story]