Help Taking Control of Your Credit Score

Taking control of your credit score – Salt Lake Tribune
The Associated Press 04/06/2009

Setting your credit cards aside and paying only with cash may be a great way to help rein in spending, but it can actually hurt your credit scores.

This lack of awareness typifies a gap in knowledge about the scores, according to Liz Pulliam Weston, author of “Your Credit Score: Your Money and What’s at Stake” and a nationally syndicated personal finance columnist.

Failing to fully understand the impact of credit scores can have especially adverse consequences during the economic downturn and credit crunch.

Q: Have scores become important because of the troubled economy?

A: What’s happened now is that lenders are fleeing any hint of risk. So what we’ve got is a real world of credit “haves” and “have-nots.” It used to be if you had scores of 700 to 720 and up, you got pretty good rates and terms. It has probably moved up to a credit score of 740 or above to get the best rates and terms.

If you’re in the 600s and below, you’re having more trouble getting financing, you’re paying more for it when you get it.

read the rest here …Taking control of your credit score – Salt Lake Tribune.