Equifax is one of the primary credit bureaus and is the publisher of my FICO.com. This site provides a wealth of suggestions, tricks and tips that will help you figure out the credit scoring system.

Check out the following basics:

Use your credit or lose your score: You need to get on the credit “bandwagon” if you want a credit score assigned by the credit agencies. Even if you charge a small amount and pay it off each month, you’ll be on the radar and have a score.

You Have A Friend In The Trend: The credit bureaus smile on “on time” payments. If you have a record of paying on time, you are likely to continue the pattern . If you’re late, catch up right away. This is the biggest portion of your credit score at 35 percent.

If You Don’t Use It You’ll Lose It: You need to use your credit because this is how you get an assigned credit score from the credit bureaus. You can simply charge a small amount and pay it off each month and you will have a score.

Pay Attention To History: Maintain a credit “history.” Don’t close out credit cards that you don’t use. That history will be 10% of your score.

There are more helpful hints available at the Web site so with additional credit score adjustments to mortgage rates expected later this year, the best way to protect yourself is to be proactive. Identify potential issues in your credit profile and work to improve them.

We all want the best mortgage rate possible, but are not always clear about the best way to get credit scoring formation . Please speak with your loan officer about getting the personal information that you need.

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