Just like you would manage your money and maintain a budget you must manage your credit score. These quick tips will help you improve your fico score and keep it high. This of course allows you to qualify for the lowest interest rates for home mortgages, car loans, credit cards and all types of financing.
Tip 1 Pay Your Bills on Time.
Ok, I should not say that one because we all know the most important thing we can do to manage our fico credit score is to pay your bills on time. The reason many people have a hard time doing this is that they are not organized and do not manage their bills. Many people borrow too much and have over utilized credit. So to be in control first make a budget and live within your means. Then pay your bills on time.
Tip 2 Lower Your Debt.
Your Fico Credit score is based on a number of factors and the second most important factor is how much you owe as a percentage of your maximum line of credit. This is important for both individual accounts and the total of all accounts. To receive the maximum points for your open revolving credit you should have a minimum balance of less than 20% of the maximum line of credit. If you have less than 50% you get positive points but you begin to lose points the higher your balance is. If you owe more the the credit limit there is a stiff penalty in your credit score. Avoid this at all costs. If you look at your credit your lines of credit and you have a low balance as a whole that helps but if some are low and others are high maybe a balance transfer to keep all balances low would be helpful if you can not pay them down. This tip is to lower your debt. Do not pay it off. Keep a small balance and use them regularly, even if you pay them within 30 days. This activity improves your credit score. To have accounts that are open with no balances actually can lower your score. The positive points for having a credit card open for a long period of time and having low balances go out of the window when the card is inactive and has a zero balance. The zero balance means that the card is not counted as it is treated as inactive.
Tip 3 Check Your Credit Regularly.
There are lots of reasons to check your credit regularly. You must check for inaccuracies that you can quickly dispute. These inaccuracies can cause your score to be lowered. You can check for identity theft, which is one of the fastest growing crimes today. You can check to make sure you are properly managing your credit and to improve your Fico credit score. Checking your credit regularly can save you hundreds of dollars or more each month. Checking regularly can save you years of frustration if you are a victim of Identity Theft. Checking regularly is well worth the $10.00 per month some credit monitoring services charge.
So pay your bills on time, lower your debt and check your credit regularly. These three tips can help dramatically improve your fico credit score and allow you to get the best credit and the lowest interest rates.
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