You have probably seen the commercials and heard the catchy jingles on the television advertisements. So chances are that you already know where to go to get your triple credit score, but what next? What does your score mean? If you find your scores are low, how do you go about repairing your poor credit record? With banks and credit card companies tightening up the guidelines for lending, having a respectable credit score is more important than ever before. You need to know the factors that influence your credit score rating.

It is called a triple credit score because there are three major credit bureaus that track your financial transactions. Each of these companies will evaluate your status monthly and assign you a credit score. The scores range between 300 and 850, and the lower the number is, the less likely you are to be approved for new loans and credit cards. When you go to apply for a loan, you will get better interests rates if you are seen as a low risk consumer.

So, if you are even considering a major purchase that will require a loan, you need to know your credit score. If the triple credit score reports are not good, you might want to hold off on that purchase for several months in order to get your numbers in better shape. One of the mistakes people often make in trying to improve credit scores is to cancel old credit cards that are rarely used. This is not a good idea, because the length of your credit history is an important factor in determining your credit score. A better idea would be to dust off those cards and make a few small charges that you will be able to pay off at the end of the month.

You credit score will not be a perfect 850 if you completely pay off all your debts. Having some debt is actually better than none. The key here is to have a good mix of types of debt. You should have a mortgage loan, a car loan, and just a few credit cards. When you check your triple credit score you will see you score increases when you show you are able to handle different kinds of loans appropriately. Also watch your balances on the credit cards you carry. When you keep a balance that is close to your limit, you will take a ding on your credit score.