There weren’t any surprises on any of my credit reports, but I did notice that all three of my credit scores had dropped a few points since I last checked my scores in February. I know that my high credit card balances are to blame for this drop. My balances are slowly creeping down, but my available credit is minimal on two of my credit cards. The one store credit card I have, Ann Taylor is paid in full when I make purchases on it. According to my credit report, the fact that my credit history is still fairly new (about 5 years starting with my undergraduate student loans) affects my score. My oldest credit card was opened in 2005. All of my scores are in the fair range, but to get the best rates on any loans or other credit I would want to take out in the near future, my scores needs to improve a minimum of about 20 points. Sigh.
All you have to do is open up your local paper to the business section to see how important maintaining your credit is. Your credit can impact your job prospects, ability to buy a home or a car or take out educational loans for yourself or your children. Needless to say, I’ll be working to get my scores up by early 2009 when I plan to check them again.
When was the last time you checked your credit score?