08.12.2011 / Smart Credit Management Tips
Most people know the importance of having good credit but many are unsure of how to obtain it. Following the simple tips below may put you well on your way to obtaining, and maintaining a good credit score:
Always pay your bill on time.
Even one late payment can affect your credit standing.
Schedule online payments to post at least 5-7 days in advance.
Pay close attention to how the payment will be processed; electronic vs. check. Checks require additional time for mailing.
Pay more than the minimum payment.
Not only will you save money on interest for revolving balances, but Creditors will consider you to be a credit conscious and responsible customer.
Avoid using all of your available credit on your credit cards.
By leaving available balance on you credit cards, creditors will consider your outstanding balance a lower risk when reviewing your account.
Avoid applying for multiple cards.
Creditors will look at excessive credit bureau inquires on your report negatively, so don’t apply for numerous credit cards when shopping around for your perfect credit card.
Review your credit report.
Monitor your report on a regular basis to identify possible fraudulent activity and general mistakes so they can be corrected and keep your credit score protected. You can obtain your credit report through sites such as equifax.com, experian.com or transunion.com.
Sign up for automatic payments.
Signing up for automatic payments with your credit card company takes the human error out of bill paying. Each month your payment will be deducted from your account so you never have to worry about late payments.
Do you have a tip on how to obtain and maintain good credit? We want to hear from you. Post a comment below.
