ScoreSense offers many tips to help consumers improve their credit worthiness and guard against identity theft and fraud. Several other credit-improving tips are listed here, courtesy of ScoreSense, to help you get better interest rates on loans, improve your credit rating, and avoid embarrassment when you’re applying for a loan.
- Review your credit reports regularly – Not only can this help improve your credit score, says ScoreSense, fraud can also be avoided with a regular review. You should look for any erroneous information you find on your credit reports provided by ScoreSense, cancel any bad information you find by contacting the reporting company, and make sure there are no unfamiliar accounts open in your name.
- Pay your bills on time – One of the biggest factors affecting your credit score is late payments. Missing payments or paying late can drop credit scores by as much as 100 points. If you’ve made late payments in the past, get current and stay current, and, following the advice offered by ScoreSense, cancel late payment notifications on your credit report as soon as you can.
- Pay down credit card balances – Creditors like to see less than 30 percent of your credit limit outstanding on credit card balances. If you need help determining your percentage, ScoreSense Customer Service can help you calculate it. Don’t open new accounts just to pay down balances. It’s better to pay them off over time, and let your credit score rise naturally.
- Don’t max out your credit cards – Even if you’re in the habit of paying off credit cards monthly, the balance is what creditors look at, and if it’s above 30 percent, it can affect your credit rating. It’s better to put small balances on a couple of cards instead of all of it on one.
- Leave your old credit card accounts open – Don’t, suggests ScoreSense, cancel old credit cards. Leave them open, and use them occasionally to keep them active. Creditors look at the length of time you’ve had credit accounts, so keeping the older ones open with low or zero balances will help your score.
- Do loan shopping quickly – A lot of inquiries into your credit score can hurt your credit rating, but if there are a lot of requests for your report, over, say, a two-week period, it is ignored in most credit scoring. If you want to find a car or mortgage loan, do it fast; don’t drag it out over the course of a month.
By following this sound advice, you can secure your financial future. Let ScoreSense cancel out bad credit by helping you discover mistakes in your credit reports, and alerting you to identity theft threats. By signing up with ScoreSense, fraud can be averted and credit scores increased at the same time. For more information on signing up for an account, contact ScoreSense Customer Service.
If any of these financial tips were of value to you, visit our website at www.scoresense.com or follow us on Twitter, Facebook, and YouTube.