How to Improve Your Credit
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How To Improve Your Credit - Click here for the funniest movie of the week
Many Americans aren’t good with their money and they’re even worse with other people’s money. Here are a few things you should know about using credit wisely and improving your credit score.
8 Responses to “How to Improve Your Credit”
By Jay on Sep 7, 2007
Thanks! Glad you like it. We’re having a great time putting it together and we’ve some surprises planned for upcoming episodes.
By Joe Banker on Sep 7, 2007
Your free credit report from annualcreditreport.com is a great tool for anyone to monitor their credit. But it doesn’t include your credit score. To obtain that, you have to either pay for it, or subscribe to one of the “credit protection services”.
Also, note that closing accounts can have a negative effect on your score - one component is the amount of debt oustanding as compared to your total available credit. Closing accounts will reduce that ratio. I’m not saying anyone should keep accounts open when they’re not using them (that’s a risk in and of itself), but I wouldn’t go closing a bunch of accounts just before applying for a mortgage loan.
By Jay on Sep 8, 2007
I couldn’t agree more with “Joe” concerning the closing of accounts. People are under the impression that credit is bad (thank you Dave Ramsey) and closing all your accounts is a good thing.
Credit (ie- credit cards, loans, mortgages) and reasonable debt are good to have. They provide a history to companies who want to know if you are responsible and made your payments on time. The credit bureaus quantify these actions and provide you with a credit score.
If you go and close out accounts that you actively use believing you are bettering your score, the credit bureaus will penalize you for those actions. They want you to have credit so they can measure your responsibility.
If you want to reduce your debt, as a former mortgage man (and Joe can comment on this as well), I explained to my clients that you should begin with the account you owe the least on and pay it off. It provides you with the feeling of success to get one of the burdens off your shoulders. Once that is accomplished, tackle the next largest and so on.
Many will say tackle the one with the highest interest rate, but if it’s a 5k debt, it may be too much to bite off and end up frustrating you. Starting smaller may provide the momentum you need to finally reach the top of Everest!
By Lulu on Sep 19, 2007
This article has been included in the carnival over at How I Save Money so please remember to link back to it so the other articles can get some exposure.