Credit scores these days are not just a number. Credit scores represent financial responsibility. Many employers use credit scores of applicants to determine how great of a candidate they are for the job. Health insurance providers are now even running credit scores to see if you qualify for insurance policies. Credit scores are important and have value beyond just getting approved for a mortgage.
We at Finance Acceleration see the importance of credit scores and thus are offering 4 tips on how to improve them.
Here is what we came up with:
1. An easy way to start building your credit score or rebuilding your credit score is to take department stores up on their credit card offers. Many retail stores offer credit cards that are only good at their store. It is simpler to qualify for such credit cards. Many times they will start your spending limit off pretty low. Be warned however, stay responsible. Maxing out the card and carrying a high balance from month to month may do the opposite of help your credit.
2. The debt that is already looming over your head needs to be beat down. You’ll have problems bettering your credit score if you do not make the necessary efforts to get rid of your debt. Make regular (on time) payments that are higher than the minimums.
3. If you have a ding on your credit for something like a late payment, and you have been with the company for sometime, call the company and ask them to remove the ding. Many times, the creditors want to keep your business so they are willing to help you out.
4. If you are having problems remembering to make your payments on time, set up automatic withdrawal payments. This will help make keep your credit score on the improvement track. If you have many debts that you are paying off, consider consolidating your debt possibly to one 0% APR credit card to give you only one payment to make each month.
We hope this helps!