Why I Worked Hard to Raise My Credit Score

I didn’t always need to raise my credit score. There was a time when I had a score well over 700 and was well regarded by all three reporting bureaus. But, after a series of small issues and the recent crackdown on scores by the bureaus and most banks, I was finding it harder and harder to utilize my once pristine score to get new loans or cards.

Why Credit is Important

Credit is the backbone of the United States economy, and while it is all fine and good to say that you will never need it or that you shouldn’t have to worry about your score, the simple truth is that neither of those things are true. Unless you are very wealthy, you will eventually need credit.

Things like home mortgages, car loans, or education loans for your children are all expenses that can equal or exceed your annual salary many times over. Without good credit, getting any of the three will become much harder.

Recognizing Problems with Your Credit

It starts with paying close attention to your situation. This is done by reviewing your report regularly, at least every year when it becomes available for free, and more often if you are able to afford monitoring services.

Next, you need to be willing to make changes to your spending habits in order to solve those problems. If you have too many cards, pay down and cancel them to increase your score and prove to creditors that you are capable of managing your debt.

The Fastest Route to Fixing Your Credit

I worked hard to raise my score because I knew I needed to make a better life for me and my family. I could not do that without the access to credit that a good score provides. If you are like me, it’s important that you start working toward a better score immediately by paying off your old debt, reducing your number of active accounts, and checking your credit report to be sure nothing has been reported inaccurately. I recommend you check your credit report as often as possible, review any issues that arise, and maintain a good relationship with your revolving accounts. Bad decisions on these fronts will only hurt you in the end.

Having good credit is not just a luxury. Most Americans will never be able to afford a car or a new house with cash, so they turn to credit and financing to help them pay. Without that valuable resource, however, making major life decisions becomes far more complex. That’s why it is vital to fix your credit as soon as possible and maintain it as you move forward.

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