Credit scores are said to be something that every individual looks to maintain a good record because if you have a bad record, it bars you from getting a loan, securing a job. Bad credit scores are known to affect your creditworthiness such that, any loan you manage to acquire you get to be charged with high-interest rates. One important thing that you need to be aware of is the credit tradelines that your credit information has and this information is granted to an individual on an annual basis from the selected government sites. In simple terms, a credit tradeline is simply the accounts that have been listed in your credit reports and you use them for different purposes. One thing about these credit tradelines it that, they provide crucial information that can be used to determine if your credit score is either good or bad.
When it comes to calculation of your credit scores, there are specific companies that have been tasked to make this possible and, all these agencies use the information that is provided by major credit bureaus. One of these sources is that can be used to obtain your score is the payment history that you have for your credit but for some agencies, they do not rely on this source of information.
The age of the credit, payment history and amount of debt obtained are some of the areas where an agency can use this information to calculate your credit score and from one agency to another, the scores might have some huge differences. To help you improve on your credit score, there are certain things that you need to be aware of such as, checking for mistakes that might have been done and are present in your credit report. Always go through your credit report to check if there is any mistake that has occurred and if you find any, ensure that you inform the relevant agency to correct these mistakes.
Apart from errors, you can try and add those bills that are paid on time to your credit tradelines because they have a good impact to your score. Ensure that you are capable of handling your own credit score. Having a lot of credit accounts open and they are paid on time helps to increase your credit score but, for those who have minimal accounts open and they do not pay them on time or even use them a lot, they end up with a negative credit score.