With the latest changes in credit card terms, millions of consumers are feeling the heat when it comes to their credit scores.

Because of the bank cutting credit card holders off, often without warning, the effect is falling onto their credit reports by lowering their credit scores. This couldn’t be at a worse time with consumers trying to take advantage of lower rates to refinance existing loans on their mortgages. If your creditor has recently closed your account and or changed your credit card terms, you need to contact them  immediately and find out what you  can do. Often a phone call is all it takes to get your rate lowered or an account reopened.

Good scores are from 730 and above
620 to 650 is low to fair but can be questionable and require a little tweaking to qualify with some lenders. 690 and over is considered Good.  A+ credit is 740 and over.

The highest score is 900 although its rarely if ever seen. Even those with pristine credit usually only see a credit score of around 830.

• Close unused newer accounts to increase scoring if you have opened too many, especially in a short time frame. Accounts in good standing with a long history should remain open. Closing such accounts could further damage your score.
• Pay balances down enough so that you are not at or near limit. This affects your DTI, debt to income ratio
• Don’t list multiple addresses, phone numbers and employers
• Stop or limit inquires
• Pay all accounts on time

Several factors can have a negative impact on your credit score:
- History of non-payment
-Public record information
-Evidence of collection accounts
-Recent delinquent accounts
-High balances owed on accounts
-Credit cards charged to their limits
-Too many new accounts

What can I do to improve my score?
Credit scoring models are complex and often vary among creditors and for different types of credit. If one factor changes, your score may change — but improvement generally depends on how that factor relates to other factors considered by the model. Only the creditor can explain what might improve your score under the particular model used to evaluate your credit application. Nevertheless, scoring models generally evaluate the following types of information in your credit report:

Have you paid your bills on time?
Payment history typically is a significant factor. It is likely that your score will be affected negatively if you have paid bills late, had an account referred to collections, or declared bankruptcy.

Outstanding debt?
Many scoring models evaluate the amount of debt you have compared to your credit limits. If the amount you owe is close to your credit limit, that is likely to have a negative effect on your score.

How old is your credit history?
Generally, models consider the length of your credit track record. An insufficient credit history may have an effect on your score, but that can be offset by other factors, such as timely payments and low balances.

Have you applied for new credit recently?
Many scoring models consider whether you have applied for credit recently by looking at “inquiries” on your credit report when you apply for credit. If you have applied for too many new accounts recently, that may negatively affect your score. However, not all inquiries are counted. Inquiries by creditors who are monitoring your account or looking at credit reports to make “prescreened” credit offers are not counted.

Here are the latest headlines relating to the credit score and credit card crisis.

•  Networth: Credit card cuts may affect your FICO score
• Struggling Banks are Closing Credit Cards without Warning
• Citibank cancels gas cards with little notice. Surprise!
• Clearing up confusion on credit scores
• Latest bank fee is for paying off credit card on time every month
• Protecting good rating when irked by card fees
• Reduced limits could affect credit scores

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