	Article Directory		Article Submission Service		Article Marketing Blog		Publishers		Member Log In

Article Directory :: Finance & Investment Articles

No Quick Fixes for Improving Credit Scores

By John Rasor

Republish: EasyPublish™
Published: 02Sep2009
Word count: 708
Viewed: 287 time(s)

Get Free Content For Your Site

There are no quick fixes for improving your credit scores. However, you can increase your scores over time by demonstrating that you consistently manage your finances responsibly. Take a peek at these ten tips to live by if you want a good credit rating:

1. Pay your bills on time. This is the most obvious and best way to improve your scores, and it's never too late to start. Even if you've had bad credit in the past, those will count less over time if you keep paying your bills on time.

2. Keep credit card balances low. High outstanding debt can pull down your score. Never max out your credit cards or carry balances that exceed more than half of the total credit limit.

3. Check your credit report regularly for accuracy. It's possible that there may be inaccurate information on your credit report that can be easily cleared up If this proves to be the case, then you should contact one of the three credit reporting agencies-TransUnion, Experian or Equifax. On-line dispute for each bureau: EquifaxDispute online ExperianDispute online TransUnionDispute online

4. Pay down your debt rather than transferring balances. Consolidating your credit card debt onto one card or spreading it over multiple cards will not improve your score in the long run. It may save you interest charges temporarily though. The most effective way to improve your score is by simply paying down the amount you owe.

5. Do not close any credit card accounts. In general, having credit cards and installment loans that you pay on time will raise your score. This is what we refer to as credit depth. Even if you don't use them, keep them open as this will demonstrate stability. Someone who has no credit cards tends to have a lower score than someone who has managed credit cards responsibly.

6. If you have no credit history, don't open too many accounts to soon. Opening too many accounts in too short of a time period can look risky because you are taking on a lot of possible debt. Try secured credit cards to quickly establish a history of credit for yourself.

7. Enroll in identity theft protection. You don't have time to constantly monitor your credit. Leave that to the watch dogs at Identity Guard. Or choose one of several services designed to protect your credit.

8. Don't live beyond your means. Make paying your bills and buying only essential items your main priority. Carefully weigh the importance of all new purchases against the greater importance of reestablishing your good credit. Getting a handle on your spending, paying bills on time, and paying down credit cards takes a long-term commitment and strong self-control. It won't always be easy, but the effort will pay off once you see your credit scores improve.

9. Know what's on your credit report and resolve any discrepancies. Even if you believe you have a good credit score, it is still wise to check with credit reporting agencies to make sure they contain a similar view of your credit history. It's also wise to make sure there are no errors on your report, such as name misspellings or incorrect addresses.

10. Consult with a reputable consumer credit counseling service if all else fails.

This won't improve your score immediately, but the sooner you begin managing your credit well and making timely payments, the sooner your score will get better. Plan to pay your bills on time and follow through.

If you have a history of poor credit or think that you might, it's important that you find out and take the steps to improve it. It will take time, but with discipline, you may expect to see improvement in as little as six months. You see, creditors are interested in a track record. You'll have to prove that you consistently pay your creditors on time and that you can effectively pay down your debt.

Paying down your credit card balances will not only improve your credit rating over time, but you'll be in a better position to negotiate a lower interest rate for your cards. In general having good credit will get you better rates on just about everything you can think of from Home loans to insurance rates. What's your credit score?

http://www.creditscorecowboy.com is the #1 source on the planet for a free credit report, identity theft software and a blog with a wealth of information writtten by lending professionals that know about credit and what determines ones creditworthiness.

EasyPublish™ this article - publishers click here