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  Filed under: Importance of Credit 

Are you planning on getting a loan for a house? A good credit score can help you secure a competitive interest rate and possibly save you thousands of dollars. It is very important to protect the “3-digit number” that shapes your financial future.

Here are some tips that can help earn you a good rating on your credit report:

AUTOMATIC PAYMENTS PAY OFF. A recent study showed that those who make on-time automatic payments score 100 point higher than those who don’t.

SKIP “RED FLAG” LENDERS. It may be tempting to sign up for in-store credit cards that offer discounts on purchases, but these cards can actually lower your credit score. Stay with major cards like Visa or MasterCard for score safety.

KEEP YOUR ACCOUNTS OPEN. Most people think that if is smart to close a credit line that is not in use, but it can actually hurt your credit score since it lowers your total credit line. Keeping an old card that shows a long, stable pattern pf paying your debt will improve your score.

BUNCH THE REQUESTS FOR NEW CREDIT. Too many inquiries make banks think that you are looking for a lot of borrowed money. Instead, do your research, but get all loan quotes in a 14-day period; normally lenders count all those inquiries as one.

FIND OUT WHAT OTHERS KNOW ABOUT YOU. More than 70% of credit reports have errors that could be lowering your score. The most common error is loans that have been reported twice, so it looks like you owe double.
Credit reports can be found at or