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Now that my credit score is boosted, what do I do?

Go out and apply for your loan, apply for the job you wanted, or for premium car or home owners’ insurance! Start your own business! But whatever you do, remember one thing, this is not a ticket for a shopping spree. Be responsible with your new credit score. Be smart. Plan ahead and stick to your plan. It is very easy to succumb to the temptations of the credit world, but it is those of us who can manage our emotions with self-control and logical reasoning who will become masters of our financial future.

Remember, a good credit customer is one who can pay off their ENTIRE balance in full every month. Practice this and it will repay you for the rest of your life.

Bill Airy

About the Author:

Bill Airy is the CEO and Founder of BoostMyScore. For over 12 years he has helped American consumers get a second chance at a better financial life by helping them to improve their credit score. He regularly publishes helpful content on this Blog to educate others about Credit Scores and best practices when trying to improve them.

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Related Frequently Asked Questions:

What is a credit score?

Your credit score is a computer-generated number that is designed to predict the likeliness you will abide by the repayment terms of a future debt or loan, based on the way you have handled debts in the past.

Credit scores were created to help lenders and banks to determine a person’s credit worthiness in a more efficient manner. Before credit scores existed, bank underwriters were forced to read entire credit reports, line by line, to make a judgement on a loan application. This long and tedious process was extremely costly and prone to mistakes, so the Fair Isaac Corporation created a computer program to replace the human in the equation, by programming a software program to read an applicant’s entire credit report and determine a number value, based on the data points in the credit report. This new software, called the FICO Score (R) made the underwriting process more efficient, more accurate, and less costly to the lender.

There are hundreds of credit score variations, but the most commonly used version is the FICO Score(R). FICO scores are usually between 350 for the lowest score and 850 for the highest credit score possible.

Seeing as how all credit scores were designed to help lenders predict the likelihood you will repay future debt obligations, based on the performance of previous and current loans, it is critical to understand the scoring models assume everyone – even the most financially stable person in the world – is a credit risk. The banks and credit scoring models assume that even an applicant with an 850 credit score will default on a loan in the future.

To learn more about your credit score and how it is calculated, click here.

BoostMyScore can help improve your credit score fast by adding tradelines to your credit report. To learn more, give us a call today: 1-800-531-1472

What is My Real Credit Score?

How do I Get My Real Credit Score?

The short answer is: there’s no such thing as a “real credit score”, except for the one being used by the lender you want to borrow money from because there are literally hundreds of different versions of your credit score.

Now more than ever consumers are proactively monitoring their credit. Not only can you easily get a copy of your credit report on the internet, you can also view your credit score. Companies like Credit Karma, MyFICO.com and Experian.com make it easy to access that information so you can take the necessary steps to improve your score before making significant purchases, potentially saving you thousands. There’s just one problem: many consumers are finding the score provided to them by companies like Credit Karma, Experian.com, and MyFICO.com may not be the same score their financial institution uses when they consider extending credit.

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BoostMyScore can help improve your credit score fast by adding tradelines to your credit report. To learn more, give us a call today: 1-800-531-1472

Do you work on business credit?

All our Authorized User trade lines are personal credit cards. While we cannot help build your business credit profile, building your personal credit first can be a huge help in obtaining business credit.

Also, keep in mind that business accounts typically only report to the business reporting agencies, Dunn & Bradstreet, Experian Business, and Equifax Business, and not to the personal credit reporting agencies (ExperianTransUnion, and Equifax), and therefore do not help your personal FICO® score.

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BoostMyScore Team