It is important to protect and keep your credit score at a decent rate for your own financial security. If you don't have good credit most lenders will not even lend to you in today's society. There are ways to raise that score and get back on track. If you are unsure of your credit score, you should check it online and avoid the possibility of being turned down. Most scores over 650 will be considered for loans. Check with the three major credit bureaus to determine your score.

If your score is on the low side of the scale, there are things you can do to help improve it. The most important thing to do is make your payments on time. Payment records are the biggest determining factor to your credit score, every payment over 30 days late is considered delinquent and gives you a negative mark on your credit. Negative marks generally stay on your report for seven years.

Next you should worry about your outstanding debt balance, keeping that in control is very important. If your outstanding balance is high, you should work on lowering it rather then borrowing more money. The more money you borrow the higher the balance is.

You can find your credit score online at many different websites. Most of them will charge you a small fee to find out where you stand but it is worth the price and trouble it may cause if there are issues. There are three major credit bureaus Equifax, Experian, and TransUnion with whom creditors report your payment history too. Some websites only use one company to pull your credit score but it is really best to get all three reports to compare for accurateness, and to dispute errors. The average credit score is around 700 but anything over 650 is considered loan worthy.

An exceptional score is 760-850, and a very low score is anything under 580. You should check all of your statements; such as rent, utilities, cell phones, car payments, and make sure they are all being reported to the credit bureaus accurately and showing you are paying on time.

If they are not, then you should call and dispute your case so that you can be acknowledged for your purchases. Any delinquencies will give you a negative mark on your credit rating and keep you from obtaining lower interest rates on credit cards or even mortgages. As the economy is in a down ward spiral it is even more critical to keep a high credit score.

Obtaining a loan for a car or home is very difficult now that the banks are failing or getting tight fisted with funds. Only the better credit rated customers with a long history of good standing with their accounts will be considered for a decent interest rate or even a loan at all in some cases. The economy is often changing, and credit scores usually change with it. This can either be a good or bad thing.

If you are struggling with loan payments, you should contact your lender and let them know what is happening. Many times they will understand and give you a grace period, if you let them know they may not report you as delinquent or late instead they will say you are paying as agreed. Many times a lender doesn't want to have to repossess the vehicle or foreclose on the home so they will allow you to pay principal only payments for a determined amount of time until you are able to get back on your feet. Remember it is up to you to protect your financial future not the lender or credit agencies.