To have the best chance of improving your credit score you will need to have a good understanding of how it is calculated as that will help you to decide on the actions you need to take.  Credit score is a numerical calculation based on a number of factors that helps lenders decide whether you are a risk to lend money to.

The numbers generally range from 300/350 to 850 and allow lenders to see how well you are at paying off your debts.  The higher this number is the more likely you are to get credit and you will also usually get it at lower interest rates because of the fact that you will be regarded as a lower risk for repayment.

If your score falls below 600 you will probably have trouble getting credit and if you do you will be expected to pay higher rates due to the risk involved.  Scores over 720 are regarded as excellent and you can expect to get good rates.

This is just a guideline as some lenders place more importance on credit scores than others and while you might have difficulty getting credit with one lending institution that is not to say you will have difficulty with all of them.  Often you can discuss your situation with the lender even when you have a low score and still get them to finance you at reasonable rates.  Sometimes they will look at your whole credit history and take that into account rather than just the current poor score.

Your credit score comes from the calculations that are determined by the credit bureaus and are based on mathematical data that is arrived at from your credit report information that is supplied to the bureaus from people who have lent you money and from people you owe payment of bills to.

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Julin Ng
08/06/2014 4:35am

Credit score!! This is something many people do not understand or even realize its existence and importance. Before this, I depend a lot on for banking information. Looks like right now i have another reliable financial information source:)

11/16/2015 1:17am

The importance of having good credit can’t be understated. From helping you get a loan, to qualifying you for a great job, good credit simply makes life easier and less expensive.

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05/08/2016 6:48am

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09/24/2016 2:07am

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Bad credit borrowers give up on their hopes of getting loans, just because they have been rejected before. Getting approved is not a matter of how bad your credit is, but finding a right lender to service your needs.


The approach to successfully applying for your very first credit card will depend on your age, college enrollment status, and credit rating. It is important to follow an application strategy that fits your situation, to avoid discouraging denials and lower credit scores. The tips in this article can help you successfully complete your first credit card application.


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