Things to Do to Improve Your Credit Score

Money/Finances - Debt/Debt Relief

By: rmac     17-Dec-2010

Introduction:

A good credit score is an all important gateway these days to get loans with a decent interest rate and can even impact how much you are charged for car insurance in some states. It can even affect your ability to get the job you want. Fortunately, there are things you can do to make a difference in your FICO score.

Pay Bills on Time Everytime

It's best not to ever miss a payment. This will go a long way in improving your score. Payment history is a big component of the credit score. Automating payments may help. That way, you are sure that a payment is never missed.

Don't Close Your Existing Credit Card Accounts

Closing existing credit card accounts will hurt your credit, lowering your score. This may seem counter-intuitive, but that's how it works. If you must, cut up the cards and keep them open.

Pay Down Your Balance

Try not to have a balance that is more than 30% of the credit limit on your card. Having more than that thirty percent will ding your credit report. And importantly, quit charging on your cards.

Get a Secured Credit Card

If your credit has headed south, think about a secured credit card. You basically open a savings account with a credit card bank and use that money to fund your purchases and the bank reports your payment history to the credit bureau. Some companies charge a monthly flat fee and others charge an interest rate.

An important note is to make sure that the credit card company doesn't report to the credit bureaus as a secure card. You want it reported as a regular credit card to build your credit. Eventually, the bank will transfer the credit card into a regular credit card and you will get any balance back with interest.

Some credit unions offer secured credit cards also.

Check Out Your Credit Report

Obtain your credit reports from the different credit bureaus and check them out. If there are mistakes, you can document them and have them removed.




Final Thoughts

If your credit is impaired, it is critical that you implement steps to repair it. In the long run, you'll be glad you did.


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