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The amount of credit you owe also affects your credit score in a big way. If your credit-to- debt ratio (how much you owe compared to your available credit) is low, your credit score will benefit, since it illustrates that you don’t rely too much on credit. You can figure out your utilization rate by dividing your total credit balances by your total credit limits.

You don’t have to earn a perfect credit score of 850 to be considered successful or qualify for the lowest interest on loans. A more optimal credit score to work toward is 760. Anyone with a score of 760 and above will likely get desirable rates offered by lenders. A history of credit, on-time payments and decreasing the amount you owe will help you work toward this goal.


The Fair Credit Reporting Act (FCRA) requires each of the nationwide credit reporting companies — Equifax, Experian, and TransUnion — to provide you with a free copy of your credit report, at your request, once every 12 months. The FCRA promotes the accuracy and privacy of information in the files of the nation’s credit reporting companies. The Federal Trade Commission (FTC), the nation’s consumer protection agency, enforces the FCRA with respect to credit reporting companies.
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