The statistics don't lie ? only about 40% of consumers have truly good credit. This is defined as a credit score of more than 700 from all three of the credit bureaus; this is called Prime Credit standing and is a desirable thing to achieve. With this kind of credit score, your score will usually not be affected by minor issues such as late payments and inquiries.

A credit score of under 700 from all three of the credit bureaus means that you will be perceived as a higher risk (as are 60% of consumers) and in this case, it's hard to tell just what will affect your credit score and whether it will be for better or worse. For example, getting a loan under these conditions may actually decrease your score!

The credit scoring system is fixed? The credit bureaus have made it very hard to get a score of 700 and up because the lenders who fund the credit bureaus make more money in interest payments from consumers with lower credit scores. If you have a score of less than 700, then you need a fast score system to get you into a position where you're not forking over any more of your hard-earned cash then you have to.

One of the tricks for not raising any red flags about your credit is to never go into debt more than 25% of your annual net income. Your tax returns and/or accountant can give you an idea of what your net income is if you don't all ready know. So be wise when putting something on credit. Make sure it's a sound investment that you really need or will use.

There are inherent flaws in the credit reporting system we use; the problem is that the credit bureaus themselves profit from the system. For years now, consumers have clamored for some sort of reform. The 2004 Fair Credit Reporting Act did resolve some problems, but didn't solve the real issues, and definitely didn't make any difference in the accuracy of the information the bureaus maintain. Worse still, it's unclear whether this law is really enforced at all.

Let's suppose that your credit score is 600. You apply for a loan and whether your application is denied or accepted, you'll lose 35 points off of your credit score! If your score was 700 or above, this wouldn't be the case. You can avoid all of these roadblocks by using a fast score system to get your score over 700.

Beware of credit repair services because by them deleting all of your derogatory items off, your credit score can actually go down. It's hard to understand why the "perfect credit report" is not always the highest scoring. If your credit is bad, the best thing you can do is to add primary positive accounts to off-set your bad ones. This will keep your focus on fixing your score, not making your report just look pretty.

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