Credit, Credit Scores, Credit Reports
Great credit is key to getting good loans. In this market where lending is tight and money isn't freely flowing, the only way to get someone to lend you money is with good credit. Here are a few ways to achieve this.
Those paid monitoring programs are actually very good at helping you maintain a good credit score. What happens is that they keep a tab on your credit report for you and if there are any changes, they will send you an email so you can either "ignore it" if it was a legitimate change or dispute it right away.
The government has made it law that the credit report agencies need to give you a free report every few months. This not only allows you to stay on top of everything within your credit report but also give you a chance to dispute any changes to it in a timely manner. Just make sure you request it because it won't be automatically sent to you.
One way to keep your scores high is to keep your credit utilization rate low. What this means is that if you have a maximum credit of $10,000, don't use it all up! Since lenders may check your credit at any time, it doesn't matter if you pay off your balance every month because at the time that they are checking it, your balance may still seem high.
Don't always try to apply for credit cards. Every time you apply for these cards, the companies will pull your credit report and that puts a mark on your credit. If there are many of these pulls in quick succession, the credit score will suffer because it is believed that only people who really need money will apply for so many lines of credit at the same time.
Inactive cards will eventually be flagged by the credit card companies and be canceled. The credit report will just say canceled by card company without any explanation so use all your cards in regular intervals.
Remember to apply for a few credit cards and have some lines of credit available even if you don't need it. I used to only have one card and one day I was denied for my business credit card because they told me I only have 1 credit card and haven't shown that I can pay off debt, even though I have tons of cash in my bank account.
Even though too much debt will curtail the total amount that you can borrow, having them will help increase the chances that you will get approved because lenders know that someone who have multiple forms of debt are used to paying them and won't freak out when the bills arrive in the mail.
Those paid monitoring programs are actually very good at helping you maintain a good credit score. What happens is that they keep a tab on your credit report for you and if there are any changes, they will send you an email so you can either "ignore it" if it was a legitimate change or dispute it right away.
The government has made it law that the credit report agencies need to give you a free report every few months. This not only allows you to stay on top of everything within your credit report but also give you a chance to dispute any changes to it in a timely manner. Just make sure you request it because it won't be automatically sent to you.
One way to keep your scores high is to keep your credit utilization rate low. What this means is that if you have a maximum credit of $10,000, don't use it all up! Since lenders may check your credit at any time, it doesn't matter if you pay off your balance every month because at the time that they are checking it, your balance may still seem high.
Don't always try to apply for credit cards. Every time you apply for these cards, the companies will pull your credit report and that puts a mark on your credit. If there are many of these pulls in quick succession, the credit score will suffer because it is believed that only people who really need money will apply for so many lines of credit at the same time.
Inactive cards will eventually be flagged by the credit card companies and be canceled. The credit report will just say canceled by card company without any explanation so use all your cards in regular intervals.
Remember to apply for a few credit cards and have some lines of credit available even if you don't need it. I used to only have one card and one day I was denied for my business credit card because they told me I only have 1 credit card and haven't shown that I can pay off debt, even though I have tons of cash in my bank account.
Even though too much debt will curtail the total amount that you can borrow, having them will help increase the chances that you will get approved because lenders know that someone who have multiple forms of debt are used to paying them and won't freak out when the bills arrive in the mail.
About the Author:
myFICO is a great credit monitoring service. Here are many myFICO promotional code for you.
Postingan
Posting Komentar