Good Credit Score is Criticial
Borrowing money is very tough in this economic environment but it's not impossible. If you have good credit scores, you will still get a good rate and be able to buy a house or your dream car. Here are several ways which you can accomplish this.
Credit monitoring services like ones from myFICO is very good because it automatically keeps track of your credit report and alerts you whenever there are any changes. You can of course choose to do it yourself but that's 1000x harder.
Of course, there's always the free credit report that you can get from each of the three credit report agencies per year. To maximize the benefit, separate the time that you get the reports. For example, get one in January, then another one in May and another one in September so you are on top of your credit.
You need to make sure you don't use up all your credit all the time. This is because part of your credit score is dependent on your utilization rate, a measure of how much credit you have available versus how much you use.
Every time you apply for credit, they will ding your credit report. If there are too many within a short period of time, the score will be affected because no one with a good financial picture will keep apply for credit. If it's not absolutely necessary, space out your applications so it doesn't look suspicious!
Don't let any credit card be inactive because credit card companies are starting to cancel them now. If your card is canceled, the utilization rate will automatically go down because your available credit will go down. Therefore, you should use your cards every once in a while even if you don't need it.
In general, having 5 cards or more is a good way to make sure lenders see you as a person that is able to handle debt and pay them off. If you only have one card and no other debt, it's hard for companies to see whether you have the ability to pay bills on a timely manner and they will be hesitate to lend you money.
Having multiple types of debt (car, mortgage, credit card, student loans) among others is good because it shows that you are able to handle bills that come due every month. It also works the same as having multiple credit cards. - 21396
Credit monitoring services like ones from myFICO is very good because it automatically keeps track of your credit report and alerts you whenever there are any changes. You can of course choose to do it yourself but that's 1000x harder.
Of course, there's always the free credit report that you can get from each of the three credit report agencies per year. To maximize the benefit, separate the time that you get the reports. For example, get one in January, then another one in May and another one in September so you are on top of your credit.
You need to make sure you don't use up all your credit all the time. This is because part of your credit score is dependent on your utilization rate, a measure of how much credit you have available versus how much you use.
Every time you apply for credit, they will ding your credit report. If there are too many within a short period of time, the score will be affected because no one with a good financial picture will keep apply for credit. If it's not absolutely necessary, space out your applications so it doesn't look suspicious!
Don't let any credit card be inactive because credit card companies are starting to cancel them now. If your card is canceled, the utilization rate will automatically go down because your available credit will go down. Therefore, you should use your cards every once in a while even if you don't need it.
In general, having 5 cards or more is a good way to make sure lenders see you as a person that is able to handle debt and pay them off. If you only have one card and no other debt, it's hard for companies to see whether you have the ability to pay bills on a timely manner and they will be hesitate to lend you money.
Having multiple types of debt (car, mortgage, credit card, student loans) among others is good because it shows that you are able to handle bills that come due every month. It also works the same as having multiple credit cards. - 21396
About the Author:
myFICO is the best service for making sure your credit is up to date. Most people don't know but myFICO promo code are available all over the place so you just have to take advantage.
posted by X - Men @ 12:52 AM
0 Comments
0 Comments:
Post a Comment
Subscribe to Post Comments [Atom]
<< Home