HOW TO AVOID THE CREDIT CARD TRAP 1
You have to find out where you are: your credit score (is it lower than 600?) and credit risk rating (is it higher than R or I 5?). The commonly used credit bureaus which supply credit information to financial institutions and from which you can get a credit rating report are TransUnion, Experian, and Equifax.
Just like an annual PSA / DRE is advised for men and MRI or mammography for women (and just as important to prevent an unhealthy personal financial condition), it is strongly advised that you obtain (for a small fee) a credit rating report at least once a year. The credit rating report has a section where you can correct wrong or unfair entries. For this purpose, you should keep a file of your credit card billings, the checks you issued in payment, and receipts. Interest costs, especially when your debt service history does not warrant it, are debilitating and can / should be avoided.
image from Microsoft Clipart
I know how to get my credit score (I assume you mean the FICO number) but I don’t know about the risk rating. How do I get that?
Jean, thank you for dropping by.
Most financials institutions have turned to using only the FICO score. On an institution to institution basis, you can ask whether it uses a credit risk rating as well and obtain your rating. Note that the “R” is for revolving credit as in a credit card and “I” is for installment credit as in house or auto financing.