Take control of your credit score

It's one thing you can work to improve

By Ron Lieber | The New York Times

October 20, 2008

It's been nearly impossible to think about much other than retirement, college or other savings in recent days. The pain has been all too acute and, unfortunately, the damage is not contained.

It may seem odd to think about your own credit worthiness at a time like this. But your credit score is something that you have a fair bit of control over, since it reflects your behavior as a borrower.

Right about now, focusing on something within your control may feel like real progress.

Credit matters if you need a new mortgage because you have to move for your current job (or a new job if you lose your old one).

It matters for loans you may use to send a child to college. It also matters if you need to use credit cards because your income has fallen and there is no other option.

The three major credit bureaus, Equifax, Experian, and TransUnion, create their own versions of your FICO score, or credit score, using data from credit reports that they keep on you.