The world is depending more and more on credit for financial expenses. More importantly, money lenders, banks, mortgage lenders, and even phone companies look at your credit to judge how much of a risk you are, so it is crucial to maintain a good credit rating or you could end up paying higher interest rates on a loan than someone who has a better credit score than you do – or not even get approved for the loan at all.

There are several ways to maintain a good credit rating and you should always be aware of what your credit rating is:

- Get your monthly payments in on time and for at least the correct amount. Try to pay more than just the bare minimum amount due. Also remember that the longer it takes to pay off your outstanding debt, the more interest you end up paying on it.

- Avoid applying for new, unsolicited credit cards that come in through the mail. It may be tempting to see those words “pre-approved” on the envelope, but overextending your credit will not help your credit score and it will just cause you even more debt.

- Do not ignore overdue bills. If you’re having payment troubles, contact your creditor to work out a new repayment plan. Many creditors are flexible, but make sure you pay your bills off.

- Make sure you’re aware of what type of credit you have. Credit from financing companies can negatively affect your credit score.

- Try to keep your credit debt as low as you can. If you constantly approach your credit limit, lenders who examine your credit report will look upon this poorly.

- Limit your credit applications, as constant requests for your credit report – something that creditors must do before deciding to approve you for a card – is not considered a good thing.

- Try and be consistent. A long history of good credit is generally favored over a shorter one. If you maintain a good reputation, creditors will be more likely to approve your loans.

Credit rating can be dependent on several factors and can be determined differently from different credit bureaus. Some will only look at the information on your credit report while others consider personal and demographic aspects such as your income, age, savings, and marital status. If you find yourself with different scores from different bureaus, it is because they are using different criteria on which to base your score or the criteria are weighted differently.