5 Ways to Boost Your Credit Score
1. Pay your bills on time every time. Again, this is the single largest factor, 35%, effecting your credit score. We’re talking rent or mortgage, utilities, car note, and phone, as well as your credit card bills—everything. If you won’t commit to doing this, almost everything else you try to lift your score will be less effective, so stop looking for a way around this one.
2. Pay down your balances to no more than 50% of your available credit. Better yet, bring it down to 30%. In other words, if you have a $15,000 limit on one credit card, you want to get that balance down to between $5,000 and $7,500 owed as quickly as possible—and keep it there. That guideline should apply to all of your consumer debt.
3. Always pay more than the minimum due. This will help you to get your balance down more quickly, and save you money on interest payments over time.
4. Stop creating new debt. You have two choices: 1. lock up your credit cards so that you can’t use them (some recommend freezing in a block of ice in the freezer) or, 2. pay off all charges made during the month IN FULL or pay the minimum payment plus all new charges each month. This means if you plan to charge $60 for dinner at a restaurant and $150 for a new outfit this month, and your minimum payment due is $120 on your next bill, then you need to be prepared to pay $330 toward your next bill. Check yourself before you wreck yourself: It’s probably a better idea to just lock away the credit cards.
5. Guard your identity as if your life depends on it—because it does. Review your credit reports at least twice a year, in addition to any time you plan to apply for new credit. If you find discrepancies deal with them immediately. Get a shredder, and use it to destroy all documents, including junk mail, containing your personal information. The last thing you want to happen is for someone to steal your identity and create bad credit in your name.
(from BlackEnterprise)
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