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What is a credit score?

A lender figures your credit score (FICO score) by taking your credit history and measuring it against a database of habits in the general borrowing population. That, in turn, determines whether your tendencies match those of borrowers who default on debt, declare bankruptcy or find themselves in various types of financial difficulties.

Does having children affect my credit?

Beginning or extending a family is a life change that puts demands on your credit. It is especially important to take good care of your credit when you take on the added responsibility of children. If you take good care of your credit when your children are young, you will be able to take care of them as they get older.

What are the three Credit Bureaus and how do they affect my credit?

In the United States, Equifax, Experian, and Trans Union are the three major credit bureaus that provide nationwide coverage of consumer credit information. Many national lenders report consumer credit information to all three. However, smaller banks, most credit unions and other credit grantors may report to only one, or none. Therefore, the information you receive from one credit bureau may not be the same as what you would receive from another credit bureau.

How long can I wait to pay a bill before it shows up on my credit report as being late?

Payments must be at least 30 days late before they can appear on your credit report. Since this is not a long period of time, it is best to pay your bills as soon as possible or in a timely manner after receiving them.

Can I create a new credit file with a new social security number?

Federal law has made it illegal to use an alternative social security number when applying for credit. By using another social security number and new identification you cause the credit bureaus to generate another report for a person that does not really exist, and then use that new report to obtain credit. One of the problems with this technique is that it requires that you lie on applications for credit, which in most states is a criminal offense.