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3 Credit Score Tips I learned from a Credit Counselor

By George Hauser
Published: Thursday, November 19th, 2009

Debt seems to be the answer to individual’s need in today’s high unemployment rate and bad economy. Normally, individuals with good credit score records avail easily of loan and have a better interest charge offer. While availing a loan is easy to some, it is difficult to others. Although this is a reality, actually there are remedies to ease the problems of mortgage denial or delay. Here are a few credit score tips I learned from a credit counselor.

Since a credit score history gauges one’s access to a loan, one has to increase its credit score which is above 700. A credit score is a number that may tell you if you are eligible for a loan. It is a deciding factor for money lenders to grant you a credit. So the higher the credit score you have the better your chance of a debt.

One of the credit score tips mentioned by a credit counselor to jack up your credit score is through paying your amortization payment on time. Lenders like the banks and credit card institutions mostly favor individuals who pay on time. This shows they are responsible enough for their loan obligations. On top of this, their credit score history is not being undermined. In the event you will be delayed to pay your monthly amortization, try not to go beyond the 30 day cycle. This may cause you more dollars out from your pocket. In addition, if recorded, this may give your credit score history a bad spot which will stay causing you time to recover.

On the other hand delinquent borrowers have negative impact on their credit scores. It may cause their credit scores to go down which may in turn affect their credibility as a loaner in the future.

Another credit score tips to remember is to limit the number of credit cards you want to have. You might be tempted to draw large amount from all your cards in one time, and find out later you cannot cope with the payment.  However, having no credit card at all may also have a bad impact on your credit score and to the lenders.  Aside from this, it is impossible for common people to always pay in cash. There are times we need to pay using a credit card. It is best then to keep one or two credit cards at most.      

A final credit score tips is never to lie about your credit score. Lying may not only subject you to legal proceedings but can also ruin the reputation you once or want to establish. Lenders who will learn about your lying might not grant you loan at all. It is believed that it is a form of cheating. In short “Honesty is the best policy” applies in this matter.

These are just a few credit score tips mentioned by a credit counselor but there are other tips out there. If considered seriously, it may give a positive impact on your credit score and report.

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