Credit Score News, Tips & Advice
Website CertifiedPrivacy Protected

Keeping your credit score in balance

By George Hauser
Published: Friday, October 15th, 2010

Your credit score could be checked with our credit reporting agencies. But with the technological advancements that we are all enjoying now, we can already check it right at the comfort of our homes. Our credit performance or the ways we manage our finances are gauged by the credit score that we have. A high credit score means that we are responsible enough on our finances while a poor one is a reflection of our negligence.

The credit score is very important when one is considering of applying for a new or additional credit card, a loan or a mortgage. When you have a poor credit score then your chances of getting the approval you desire is very thin. The credit score is from 300-850 and credit companies and bureaus set their standards. While 699 is a good score for some companies, it is a failing score for other companies. So for you to know whether you are hitting the needed score, better check this out with your bureau so you would know what you have to do to pull it up.

Earning credit score is really easy; just make purchases with your card, have it paid on time then you’ve earned a score. But the challenge when it comes to credit score is keeping a good one. While it seems to be very hard for most people; there are some individuals who are able to keep a good one. Here are some of the tips on how you can give your credit score a boost.

The payment history of a customer makes up thirty-five percent of the credit score. So when it comes to making your payments, be sure to be very diligent. If you cannot make the payment on the due date, try hard to pay off within the thirty days after the due date given. Though it was few days late, this will prevent the late payment to be recorded on your report.

If you are a multiple credit cardholder, make it a point to make settle payments on your credit cards which are almost on the credit limit. When you have cards with high rates, better set them aside first and settle the ones which are nearing the credit limit. You too should refrain from using your credit card with big purchases. Even if you can repay them at the end of the month, spending within 35% of your credit limit is the best thing to do for your credit score. Banks and companies have made it easier for you to monitor your account and score with online tools.

One of the most effective ways is keeping the oldest and active credit card you have. If you don’t intend to use it regularly, you just have to make small purchases with your old credit card just to keep it active. Lenders give you extra point for a good credit history and a long and active card is one of the factors that will make your score appear impressive.

No Comments »

No comments yet.

RSS feed for comments on this post.

Leave a comment