Everyone knows the value of having a good credit score — apply for mortgages or credit cards and get the lowest interest rate possible because you have a 721 FICO Score. There are also a lot of Americans, especially in today’s economic times, who know how difficult it is to even qualify for those same mortgages and credit cards with a 521 FICO Score.

Part of rebuilding your credit is proving that you can pay your bills on time. If your bad credit episode left you without any credit cards, you’ll have to open new ones.

In an effort to clean your cluttered finances, you close three zero balance credit card accounts. Lightening your wallet feels good now, but the potential hit to your FICO Score could weigh you down later.

A home Foreclosure will stay on your credit report for seven years. This can make it difficult for you to purchase big-ticket items such as a car or a house if you cannot afford to pay cash. However, if your foreclosure was unjustly executed, or the institution that provided your mortgage is not fairly reporting your credit, there are steps you can take to have the foreclosure removed early.

Any information that is inaccurate should be corrected so that potential creditors, employers, insurance companies and other organizations see an accurate picture of our credit profile when they request copies of our personal credit reports.