Each time you apply for credit, the lender pulls a credit report. All this shopping around makes it look as if you are hungry to take on more debt. They want some- one who establishes a line of credit and keeps it. The final 10 percent of your score is based on how much credit you have and the types of debt you have incurred. Now that the scores are becoming more widely available, lenders and credit counselors advise getting to know them.
Mistakes do occur.
Perhaps a lender credited an auto payment to the wrong account, or your payment got lost in the mail. It pays to recognize these instances and correct them. Calif. In October, Lazerson discovered that some credit information belonging to his brother, whose Social Security number is just two digits different from his, found its way into his report. Luckily, it didn't affect his score because his brother also maintains good credit. Keep in mind that not all lenders report to the three credit bureaus.