Protecting A Good Credit Score
Credit is hard these days. You may be drooling over a new car or perhaps home. You may want a student or personal loan. In all these instances, you will need to have a good credit score. It aids you in establishing your credit-worthiness. With a good credit score to boot, you have easy access to loans and practically any form of financing, of course at the best rates. Heed these tips to have or maintain a good credit score.
You must always have a low credit card balance. If you have a low credit balance, then it will help you make a good credit risk. Never go beyond 30% of your credit limit. Always see to it that you keep a balance between used credit and available credit. The higher your balance goes, the more damaging it can be to your credit score.
Additionally, paying your bills on time is key. Credit experts claim that approximately 35% of your credit score is in accordance with your payment history. By always paying the bills promptly, whether it be credit cards or utility bills, you get too boost your credit score. Late payments cause massive impacts on your credit score, in a negative way. It can only reduce you possibilities with regard to getting loans and any form of credit.
Furthermore, you should not co-sign a loan.Co-signing for loans is a wrong move. If you’re looking to help a family member or a dear friend in getting a loan, your kindness will be detrimental to your credit score. Given that you agreed on co-signing, if the other person’s payments are always delayed, you credit-worthiness will take a blow. Always be cautious about this, most especially when there is no guarantee that the person you are co-signing for will pay on time.
Keep all of your accounts active. Majority of lenders will like it if you have a verifiable credit history. Nevertheless, do not ever try practicing transferring your balances from a credit card to another. This will cut massive points from your score.
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The Perks of Having A Good Credit
Suffice it to say, having a good credit is your ticket to many opportunities such as getting approved easily for a mortgage, getting a car, getting yourself into post-secondary education, or opening up a business of your own. Creditors will be very confident in lending you money because they deem you reliable and credible. These lenders will be much more willing to five you better interest rates if you are planning on getting a loan.
Furthermore, with good credit, you also have the chance of earning reward points on credit cards which you can redeem in exchange for other stuff like cash or trip discounts, depending on the account.
Another thing that makes a good credit beneficial is that credit card companies will most likely be allowing you to have pretty much higher credit limits, you can even have as much as $25000 credit in your card. Needless to say, you need to be watchful of your high credit limit. Just because you have a lot of credit available doesn’t mean you have to stop living within your means. If you don’t have the funds to have it covered, you will be in hot water come the monthly bill.
But if your credit rating isn’t exactly good, you can always boost it back up. There are companies that are willing to help you get back on track. Ask around and investigate first before signing up for a certain company as some might just take advantage of your situation.
When you are finally sure and confident in a particular company, reach them and know what they have in store for you. Settle the necessary things to remedy your financial trouble while making sure that your budget will have it all covered.
It will need some time and effort but it will all be worth it when you can reap the benefits after doing so. Yes, it may be very appealing to borrow money if you can, but always keep in mind that the less credit you have available, the less you will be tempted to spend.
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Call Me Maybe: Establishing Good Credit Prior to Buying a Home Eileen Mazza Glastonbury, CT
Your credit score refers to the 3 digit number assigned to consumers as a convenient way for lenders to understand how credit worthy a certain person is. It is typically utilized in order to help these lenders decide whether you qualify for credit and what the associated interest rate will be.
When you apply for credit, your lender will probably request a copy of your credit report. This report will include a lot of information about your current credit standing. It also covers the numeric credit score. Given that lenders can easily get this information, it will be best on your part if you review the details yourself from time to time.
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Can I get a good credit history if I’m paying my bills just before its due date?
Question by zack.spear: Can I get a good credit history if I’m paying my bills just before its due date?
Because I hate interests/financial charges accumulating when it’s late.
Best answer:
Answer by AnswerGuy5
Pay your bills on time. This is the best way to improve your score, and it’s never too late to start. Even if you’ve had serious delinquencies in the past, those will count less over time if you keep paying your bills on time.
Give your answer to this question below!
Why is my score “fair’ and not “good’?
Question by JustGottaKnow: Why is my score “fair’ and not “good’?
I understand the credit rating chart goes like this:
350-619 poor
620-659 fair
660-749 good
750-850 excellent
I joined USAA’s credit monitoring, and it says my score is 663,but it still says my rating is ‘fair’. I hae tried Experian’s website but there is no place to ask this question. I have applied for a credit card and been turned down, so I am not sure if USAA is wrong or what.
Does anyone ae any insight?
Thanks in advance! I will try to give a best answer for 10 points to someone!
Best answer:
Answer by Simon M
Your credit rating will be reduced if you have at any time in the last few (5 I believe, but not 100% sure) years defaulted on any loans, or credit card repayments. You will probably also find that if you have not had a credit card or a loan for very long, you will not get a top credit rating. Put simply, anyone who hasn’t previously had a credit agreement will not have any history of how they tend to manage their repayments, so its not possible to say whether they are high or low risk. So they tend to be more “middle of the road” which is where you are.
What do you think? Answer below!
Categories: Credit Score Questions Tags: Fair, Good, Score