It's always a peace of mind when you know you are not going bad when it comes to your finances. So, be sure you know your stand when it comes to your credit score.
To improve your credit score, you have to improve your credit history by paying your bills on time. If you pay delingquently, it will have a major negative impact on your score.
If in case you missed payments, get current and stay current as much as you can. Remember also that even if you pay off a delingquent account, it stays on your report for 7 years!
Keep your credit balances low on your credit cards because high outstanding debt can affect your score.
The best way to imrpove your score is by paying down your revolving credit. Don't close unused credit cards to raise your score. Owing the same amount, but having fewer open accounts, may lower your score.
Don't try to open new credit cards you don't need, because it could backfire and lower your score.
Get a CD or savings-secured loan which could allow you to borrow against your personal savings, which gives you access to funds a a lower cost while keeping your personal savings intact and growing. As you repay the loan promptly every month, you establish a solid repayment history that becomes part of your credit report.
If you can't do it alone, work with a professional. There is no quick fix for establishing a good credit history. It takes time, effort and guidance. You might want to try set up a meeting with your banker to discuss your case situation and get the professional assistance you need.
0 comments:
Post a Comment