5 Steps to Help Your Credit - Quizzle.com

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5 simple steps to help you keep your credit report and score in tip-top shape.

Published in: Economy & Finance, Business
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5 Steps to Help Your Credit - Quizzle.com

  1. 1. Help Your Credit 5 Simple Steps 1
  2. 2. Step 1: Pay Your Bills Setup an bullet proof system for paying your bills • Sign up for bill pay through your bank • Sign up for payment alerts from your credit cards • Setup alerts in your digital calendar or phone • Do whatever it takes to ensure you never miss a payment How you pay your bills is the biggest positive or negative factor in scoring your credit 2
  3. 3. Step 2: Credit Utilization Use a small percentage of your available credit • Good credit scores are balance of using credit, but not too much • Using more than 50% of your available credit is considered risky • Excellent credit scores typical use less than 30% of their credit Regularly check your credit report and score to see how your use of credit is seen by creditors. 3
  4. 4. Step 3: Dispute Inaccuracies Dispute errors and inaccuracies on your credit report • Over 19% of credit reports have mistakes • Once corrected, nearly 1% errors raise scores more than 20 points • You don’t want to be the 1% Are you the 1%? Regular review of your credit report and score will keep you out of the 1%. 4
  5. 5. Step 4: Applying for Credit Avoid applying for lots of new credit at one time • When you apply for new credit, the lender does a “hard” credit inquiry • Credit inquiries are reported and scored negatively • Numerous credit applications can ding your credit score Watch your credit report for unknown credit inquiries. These can alert your to identity fraud. 5
  6. 6. Step 5: Closing Credit Cards Don’t Close Credit Card Accounts You Don’t Use • Closing credit cards can lower your available credit • Your percentage of credit use will suddenly • Credit (use) utilization is a major credit scoring factor Track your credit utilization with a monthly review of your accounts on your credit report. 6
  7. 7. How is Your Credit Doing? Regularly review of your credit report and score • Check for mistakes and inaccuracies • Protect yourself from identity fraud • Look for opportunities to improve Get a Free Credit Report and Score every 6 months from Quizzle.com 7

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