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Avoiding College Credit Card Traps
Avoiding College Credit Card Traps Copyright 2005, http://www.yourfreecreditreportnow.com Author: James H. Dimmitt Congratulations college freshman! You’re about to embark on one of the most exciting times of your life. By now your parents,...
Buying property with a Bad credit record
When I first moved up to Johannesburg and my career was just starting to flourish many years ago, I heard of and spoke to a number of people in a relatively short period of time with above average salaries who had lost everything and had to start...
Cash Back Credit Card: Earn While You Spend!
Cash back credit cards are an excellent way to earn money while you spend! Instead of making purchases with standard credit cards, you might want to consider applying for cash back credit cards because such cards reward you with cash back on every...
Home Loans For People With Very Bad Credit - Improve Your Chances Of Getting Approved
If you have bad credit and are looking for a home loan, there
are a few things you can do to improve your chances of getting
approved and to help you get a reasonable interest rate.
Apply Online - The internet has a few companies that will...
Need Credit Repair Help? Try Doing It Yourself!
No matter what many credit counseling scam artists may try to
tell you, no one can legally remove any information that is
up-to-date and accurate from your credit report. They can't do
it, and you can't do it yourself. However, you CAN request...
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5 Tips to Improve Your Credit Score
Boosting your credit score can save you money. Your credit score is a number based on how well you pay back loans on time, sometimes called a FICO score. The higher the score, the less risky you are. The 3 players are Experian, Equifax and TransUnion.
Your goal is to get above 620. That's the line for creditors. If you are below 600, banks won't loan you money. In fact, if your mom knew your credit score was that low, she wouldn't let you borrow any money, either. If you can get the score above 700, you get low rates. If you can eek out above 760, you can usually get the lowest rates. Perfect score is 850. Average score is 723.
Under the Fair and Accurate Credit Transactions Act, you can obtain one annual free copy of your credit report. For more information visit www.annualcreditreport.com or call 877-322-8228. But you will still have to pay a fee to get your actual score. Huh? They'll give you your credit history, but the actual number, well, they can charge you $6 for.
Here's the deal. You can get one free credit report (no credit score number) from each of the 3 reporting agencies listed above. But, you can only do this once a year. So, I spaced my requests out every 4 months instead of getting all 3 at once. That way I can note changes. Just an idea.
Without
further ado, here are the top 5 tips for improving your credit score:
1. Pay your bills on time. If you pay late, then your bill shows up in a special area called "Adverse Accounts" and it lists what month you were late and how late you were. Think its OK, it only happened 3 years ago. . .wrong. They keep the list for 7 years. Yes, seven. Paying your bills on time can raise your score as much as 20 points just in one month.
2. Keep you credit card balances low. Maxing out your credit cards can lower your credit score by 70 points.
3. Don't open any credit cards you don't need. New accounts lower your credit score by an average of 10 points.
4. Have credit cards. Yes, you must have an installment type loan and its OK. Just pay it on time. If you have no credit cards or no installment loans, you tend to be a higher risk.
5. Closed accounts don't go away. Believe me. I just checked my credit report and some old stuff is still on there. Real old stuff.
Hope this information helped you get your bills in order.
About the Author
Stuart
http://www.improve-my-credit-report.com
http://www.debt-counseling-recovery.com
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Credit Reports - Credit Cards - Car Loans - Home Loans - Credit.com |
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The National Foundation for Credit Counseling |
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