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Keeping a good credit score


Credit scores are important for consumers. They affect the rate of interest on a mortgage, credit card, or auto loan and can even play a role in whether you get auto or homeowners insurance. We have created a printable advice sheet on how you can get and keep a good credit score. To learn more, see the report we issued last week examining the differences between credit scores sold to consumers and scores used by lenders to make credit decisions.

  • Rugs

    Its really make sense. :-) Thanks CFPB Web Team!

    1. People with the best credit scores usually are those who pay off their credit cards in full every month.

    2. If you close some credit card accounts and put most or all of your credit card balances onto one card, it
    may hurt your credit score. That’s because it will probably mean that you are using a high percentage of
    your total credit limit.

    3. Opening new credit card accounts frequently to get the promotional rate or store discount will show up
    on your credit report as lots of new credit accounts, which is likely to hurt your credit score.

    4. You don’t have to buy your credit score. The information you receive from the agencies is adequate. If you
    do buy a score, it is likely that the score the lender buys will be different from the score that you buy.

  • RR

    This is a good resource.  One thing to add is that automating payments should not be the end all.  Too many people avoid the 20-30 minute kitchen table exercise of looking over their statements for non-authorized items.  Also, they avoid the planning that goes along with the b-word (budget).  Planning to pay off the set of tires charged last month by adding $50-100.00 per month is one way to keep balances from getting out of hand.  Also paying extra money towards the smallest balance rather than distributing excess payments among several helps to eliminate minimum payments that could affect the ability to put money into savings.

  • MarkJ

    Very important and timely article. Information provided is concise and informative. Keep up the great work!

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