Improving your credit score will have a serious impact on your family’s life, both in the short term and the long term. Your credit score affects everything from buying a home, upgrading to a new minivan for your growing family, or even new employment opportunities.
Ask the Expert: Improving Your Credit Score
Whether you’re trying to raise your credit score or maintain it, here are five ways to change that magic number.
1. Know Your Score
Get a copy of your credit report and review it to see if there is any erroneous reporting. Dispute errors if found.
2. Limit seeking additional credit.
Each time a potential lender pulls your credit it can have a negative effect on your credit score. In some cases, requesting services such as cable, utilities, renting a car, or leasing an apartment can reflect on your credit.
3. Catch Up, ASAP
Pay all past due accounts.
4. Don’t close out credit card lines when paid off.
Periodically use credit cards in small amounts to keep accounts open. The relationship between credit available and outstanding balances (utilization) can have an important impact on your score. Having credit lines available is a positive.
5. Stick to Your Due Date
Don’t overextend yourself and pay bills on time.
Following these five basic steps will almost instantly improve your credit score.
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