credit card

The importance of credit management;In order to buy a home, get a loan, deal with emergencies, make online & mail-order purchases, or do almost any kind of traveling, you must have access to credit. But merely having it isn’t enough. To begin with, a lower credit rating costs you money with higher interest rates. And over the course of your life, managing credit wisely can be one of the most important factors in achieving your future goals.
Fortunately, there are easy ways to stay in control of your credit. Probably the best way is with financial software (which you will need to buy) or Online Banking (which Bank of America offers free to its customers with a credit card or loan account). For example, with Online Banking, you can also schedule automatic payments to ensure you are never late.
By staying up-to-date with your credit and using it wisely, you will make accomplishing your financial and personal goals much easier. Free from the burden of too much debt, you will be able to pursue short-term plans while also saving for the future.

Your ability to manage credit wisely will help you:
· Build wealth instead of paying off debt
· Get lower interest rates and better loan terms
· Enjoy the freedom to do the things you want to do
· Plan a successful financial future
Your credit score is the product of a complicated formula, made up of several different elements that provides a measure of your creditworthiness. The higher your credit score, the less risk you present to a lender and, therefore, the more likely they are to let you borrow larger amounts, at better interest rates. The most commonly used credit scores are those provided by Fair Isaac Corporation, called FICO® scores. A FICO score can range from 300 to 850. Fair Isaac provides FICO scores to all 3 of the major credit reporting agencies: Equifax, Experian, and TransUnion. Each agency then adjusts the score based on the specific information it has for you. That means you actually have 3 different FICO scores, although they usually don’t vary too greatly.

How to check your credit status
Knowing your credit history is the first critical step in managing credit wisely. Your credit report documents your financial behavior over the past several years — how much credit you have, how long you've (you have) had it, and whether or not you pay your bills on time. You need to know what is on your credit report so you can identify any problems and take any actions that might be necessary. Errors can appear in your credit report for many different reasons and, if they do, you need to get them fixed immediately. With identity theft still an unfortunate reality, it’s especially important to catch errors as soon as possible.

How to check your credit status
Knowing your credit history is the first critical step in managing credit wisely. Your credit report documents your financial behavior over the past several years — how much credit you have, how long you've (you have) had it, and whether or not you pay your bills on time. You need to know what is on your credit report so you can identify any problems and take any actions that might be necessary. Errors can appear in your credit report for many different reasons and, if they do, you need to get them fixed immediately. With identity theft still an unfortunate reality, it’s especially important to catch errors as soon as possible.