By arranging for an automatic payment system for all your bills and loans, you won t need to scamper to the bank each time you forgot to pay the utility bill, or the credit card loan. Most creditors often set up an automatic payment system, which deducts a specified amount from your checking account. 5 Ways To Build Your Credit Score Whenever you wish to get a loan, you need to know something about your credit score. A credit score is a number that creditors look at to determine your viability to get credit. A bad credit score can keep you from financing your kid's education, or from buying a new home. Having to many accounts also does damage to your credit score, because your score is usually affected by the difference between the available credit and the credit that s being used. Shutting-off an old account only helps to make your credit report look young and fresh, but the damage has already been done before. However, a person cannot simply wish to receive credit as they please, because they will need to apply for it, and most credit companies also take a closer look at a person s credit report, to see if they are truly credit-worthy, and know how to manage their finances well. Here are the five basic elements of a credit report. If the note is a positive one, it ensures that you ll have an easy time availing of different forms of financing. A negative comment made by your creditor on the other hand, will have a detrimental effect on your purchasing power. Here s a basic overview of credit score ranges. Standard Credit Score Ranges Credit scores generally vary a little bit, from one credit reporting agency to another. According to credit experts, making a credit report inquiry only eats up around 10% of the criteria for a credit score adjustment, and some experts say that credit score may go down each time a credit report is requested. Will too many inquiries pull your credit score down? Here's a look at the real score when making credit report inquiries.