February 2, 2007, Newsletter Issue #47: About earning a great credit score
Tip of the Week
A credit score is compiled by a complex algorithm that looks at hundreds of small details on your credit report.
But when it comes down to it, there's really only one way to obtain and keep the high credit score that will help you get lower interest rates and more attractive terms: Be responsible. You need to be responsible about obtaining, using and paying back credit accounts. These practices will improve your credit score. Don't borrow more than you need. Use credit for necessities. Keep a credit card, but stay away from impulse purchases.
Pay back all your debts on time and don't miss any due dates, which can hurt your credit score.
If you keep these in mind, you will have the kind of credit score that will allow you to obtain credit for the lowest possible cost with the best payback terms.
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