Not getting the best loan rates?
Paying more for insurance lately?
It's likely your credit score.
Your score is even used by landlords when looking at potential renters.
If you've got 700+, you usually have your pick of the best rates.
So, how do you raise your score?
Nick Clements with magnifymoney.com says there are two very important variables.
Paying on time can account for 35 percent of your score.
Nick says if you're late 30 days, it could take 50 points off.
If you're late more than 90 days, you could lose more than 100 points.
The shorter your credit history and the more late payments, the harder the hit.
The amount you owe makes up 30 percent of your score.
It's important to have much more credit limit than debt.
Nick says people with the highest scores typically use less than 20 percent of their available credit.
Another credit score factor is your debt: good credit or bad credit.
Good credit involves a mortgage, auto, and student loans.
Bad credit could be personal loans and credit card debt.
Also, the longer you've had credit works for you.
The more new credit you have all at once can work against you.
Nick also says there are a number of myths about credit:
-You have to keep a balance and pay interest to get a good score. FALSE
-Checking your credit report can decrease your score. FALSE
-Too many credit checks while shopping for a car or buying a home can hurt. FALSE.
Nick says most credit checks in a short time for the same thing would count as one check.
It's also important to check your credit report for errors and dispute those errors if you find them.
Click here to get more magnifymoney.com tips on credit cards and scores.
Click here to check your credit report for free.