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Debt management something to consider when trying to improve credit standing
12/28/2009
One reason why people may consider going to a consumer credit counseling service is to rebuild their credit score after having problems with trying to pay off debt.
But what, exactly, constitutes a good credit score during a time when lenders are being careful when it comes to who they give loans to? A recent story from the Sacramento Bee featured an interview with Shon Dellinger, who is the vice president of FICO's consumer website, MyFico.com. Dellinger said that a credit score above 750 is a good mark to have.
In order to keep a credit score healthy, consumers can do a number of things. One of the main things people should do is to pay of debt on time.
"Paying your bills on time represents 35 percent of your FICO score," Dellinger told the paper. "It's a very significant portion."
Of course, not everyone has an easy time when it comes to trying to pay off debt on time. One thing these consumers may consider is going to a consumer credit counseling service. These organizations may be able to help people through a debt management plan, which could help people organize their payments into one bill, which is easier to keep track of.
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