Credit Score Health

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August 2, 2019
Credit Score Health

Image Copyright Ted Grussing Photography – Used with permission

Our previous blog outlined the factors used in estimating your credit score.  This week, let’s take a look at those factors that just might further enhance your chances of achieving and maintaining a good credit score.

Refrain from Co-signing a Loan

A common mistake that many people don’t even realize they are making is co-signing a loan.  You can get yourself into a bad situation by trying to do a good deed for a family member or friend. Completely understanding the role and financial responsibility of a cosigner is essential.

In co-signing, you will inherit any late payments and you will be responsible for payment of that debt if there is a default.  Co-signing will also increase your debt-to-income ratio on your report and, once you sign, there’s no turning back.  Remember, it’s your credit and financial history on the line.

Monitor Your Credit

It is a wise move to order a copy of your credit report at least once a year.  A lower score than you expected might signal that someone’s credit activity is getting on your report.  It could be that there has been an inquiry on your credit report that you did not authorize.

Divorce is also accountable for lower scores because a divorce decree does not mean that the debt is automatically removed from your record.  If you ignore your credit report, these mistakes could occur and you wouldn’t even know it.  Advantage Credit Reporting Services suggests ordering a yearly copy of your credit report at  Regular monitoring can greatly help you to limit any damage caused “while you were not looking”.

Report fraud immediately

In our highly technological world today, of course, everyone is concerned about IDENTITY FRAUD.  Some even believe that monitoring your credit monthly, weekly, and/or daily is necessary.  You can view your scores from all three Bureaus in 60 seconds at

Anyone can lose a purse or a wallet through various circumstances, but if you find for any reason that you are a victim of fraud, immediately contact all three credit bureaus, Experian, Equifax and Trans Union, your credit card companies, banks and the FTC at

More Rules for Credit Score Health

  • Pay all bills on time or early and in full, if possible.
  • Don’t close old revolving accounts no longer in use.
  • Don’t open new accounts needlessly.