7 Simple Things You Can Do To Improve Your Credit Score
Posted on April 8, 2008 in the Credit category
.If you have a good credit score there are many more financial options available to you. No matter what your credit score is there are simple things that you can do to improve it. You have to be aware that improving your credit score is not quick fix and it does take time, but if you have a little patience and perseverance you can get a good credit score.
Here are 7 simple things you can do to improve your credit score.
1. Check your credit score regularly. Check to see if everything is correct on it and if you do find some errors you should take the steps to fix them as soon as possible. If there are errors on your credit report it will not be a correct reflection of you as a consumer.
2. Know everything about your credit score. You can talk to a credit-reporting agency and find out all the details of your credit score and what goes into it. The three main credit-reporting agencies in America are Experian, TransUnion, and Equifax.
3. Do not carry too many credit cards. Do not apply for credit cards that you do not need. The more credit cards you carry the lower your credit score will be. The reason is that if you have a credit card the assumption is that you will spend on it.
4. Keep a low balance on the credit card/cards you carry. The higher your debt to balance ratio you have the more your credit will fall. Credit cards that carry high balances will affect your score negatively since the chance of you missing payment is higher.
5. Always pay your credit card bill on time. This is the easiest way to improve your credit score. Past due accounts will lower your credit score quickly. You should know how much time you have to pay your bill. If you do miss a payment contact your creditors and try to set up a payment schedule. If you know you will miss a payment contact your creditors and see if you can get an extension. If you miss a payment because you are sick or you are unemployed you should write a written explanation on why you missed a credit card payment. This written explanation will be shown on your credit report. Be aware that creditors will be more cooperative if you deal with problems of payment in a quick manner.
6. Do not make too many inquiries on your credit report. You can do this by not applying for several credit cards over a short period of time. Only apply for a credit card when you need it. Each time you make a credit inquiry it will be shown on your credit report. For each credit inquiry you make you can lose up to 5 points on your credit score.
7. If your credit is bad you can apply for a credit card for people with bad credit and then make sure to pay your credit card payments in a timely manner. This will help you establish your credit history and improve your credit score.
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[...] Yielding Wealth | Personal Finance wrote an interesting post today onHere’s a quick excerpt If you have a good credit score there are many more financial options available to you. No matter what your credit score is there are simple things that you can do to improve it. You have to be aware that improving your credit score is not quick fix and it does take time, but if you have a little patience and perseverance you can get a good credit score. Here are 7 simple things you can do to improve your credit score. 1. Check your credit score regularly. Check to see if everything is correc [...]
[...] 7 Simple Things You Can Do To Improve Your Credit Score Check your credit score regularly. Check to see if everything is correct on it and if you do find some errors you should take the steps to fix them as soon as possible. If there are errors on your credit report it will not be a correct … [...]