Tips to Improve Your Credit
First of all let me tell you some tips that will help you improve your credit report and keep it from hurting your chances for getting a mortgage loan or any other loan.
- Pay all your payments on time.
This is obvious but people sometimes forget or just neglect to pay their bills because they spent their money on things they don’t really need. Most creditors don’t report late payments until they are 30 days late so if you have bills that are a couple of weeks late and are putting them off because you think that they are already on your credit report, take back that new CD player or other item you don’t really have to have, get your money back and pay your bills!
- Get organized.
When you have the extra time get all your bills together and write down how much you owe on all of them and when they are due. Put a list on your refrigerator and mark down which ones you have payed each month. Making a “plan of attack” so to speak will save you time and will keep you from worrying about when your next payments are due and if you payed them or not.
-Do not apply for credit unless you absolutely need it.
Every time you fill out and return an offering for a new credit card or credit account at a department store an inquiry will be made on your report that will negatively affect your credit. So if you go to the mall and are offered 10% off your purchase if you apply for a charge card with the store you’re shopping at, say, “No thanks.”
-Keep credit card balances below 40% of the maximum credit limit.
For example, if you have a $10,000 limit try to keep what you owe below about $4,000.-Don’t pay off bills with your credit cards. Unless there is no other way to make your payment on time.
- Pay all your payments on time.
This is obvious but people sometimes forget or just neglect to pay their bills because they spent their money on things they don’t really need. Most creditors don’t report late payments until they are 30 days late so if you have bills that are a couple of weeks late and are putting them off because you think that they are already on your credit report, take back that new CD player or other item you don’t really have to have, get your money back and pay your bills!
- Get organized.
When you have the extra time get all your bills together and write down how much you owe on all of them and when they are due. Put a list on your refrigerator and mark down which ones you have payed each month. Making a “plan of attack” so to speak will save you time and will keep you from worrying about when your next payments are due and if you payed them or not.
-Do not apply for credit unless you absolutely need it.
Every time you fill out and return an offering for a new credit card or credit account at a department store an inquiry will be made on your report that will negatively affect your credit. So if you go to the mall and are offered 10% off your purchase if you apply for a charge card with the store you’re shopping at, say, “No thanks.”
-Keep credit card balances below 40% of the maximum credit limit.
For example, if you have a $10,000 limit try to keep what you owe below about $4,000.-Don’t pay off bills with your credit cards. Unless there is no other way to make your payment on time.
posted by admin at 7:41 PM
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