eCredable is a financial scoring service that takes into account the regular bills you pay that are not typically reported to the national credit reporting agencies, such as utility bills, cell phone bills, insurance premiums, day care, school tuition and many others. If you consistently pay your bills on time, then you can maintain a good “alternative” credit score (the people at eCredable call it your AMP credit score) without having to resort to using credit cards and other forms of debt just so you can maintain a good traditional score.
Your AMP credit score is easy to understand because it uses a grading system of A-F just like you had in school and improves or declines as your bill paying history progresses. A great feature of the eCredable AMP score is that, by law, it can be used as a standalone report and must be taken into consideration by a creditor if you request it. It can also be used as a supplement to your traditional credit scores from Equifax, Experian and TransUnion.
One more reason why having multiple credit card accounts aren't absolutely necessary.
This post was edited on 2/20 at 10:21 am