Your credit score is one of the most critical numbers linked with you. Your credit score and significantly affect your ability to obtain items like a new vehicle or even a dwelling. It is vital to manage your credit profile so you can constantly have the ability to buy the products you want.
Your score can improve by managing your credit responsibly over time and by following some simple recommendations:
Ask For a Free Credit Report Yearly
First, make sure the information in your credit report is accurate. You are entitled to one no cost credit report yearly from the three credit bureaus - Equifax, Experian and TransUnion. Visit www.annualcreditreport.com to obtain your free reports. You may also purchase a copy of your credit score report through this website.
Review Your Credit Report for Accuracy
Second, review your credit report for accuracy (last activity, date opened, account balance, account limit) and have incorrect or erroneous information updated.
Reduce Large Credit Card Balances rule of thumb credit card balances should remain at 50% or less of the credit card limit.
Third, reduce excessive credit card and revolving account balances, but do not cancel the account. Do not apply for credit that you do not need as excessive credit report inquiries can lower your score.
Avoid Shifting Credit Balances.
Next, keep away from transferring credit balances from one account to another just to take advantage of low introductory interest rates. The mix of inquiries and brand new accounts can negatively impact your score.
Steer Clear of Finance Company Type Accounts
Finally, if possible, steer clear of finance company type credit accounts including 12 months same as cash and 90-day accounts. Home loan loans, installment loans and revolving credit card accounts impact your score more favorably than finance company accounts.
Tuesday, November 30, 2010
Thursday, November 25, 2010
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