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Give Yourself CreditWhen it comes to your credit score, what you don't know could hurt you.
Keeping
Score Credit scores can range from 350 (extremely high risk) to 850 (extremely low risk). If you have a low score, lenders will charge a risk premium in the form of a higher interest rate on the money you borrow. A higher score can mean lower interest rates and lower payments for you. To help ensure that you have the highest possible credit score, consider these simple strategies: – Arrange minimum payments. Most lenders allow you to set up automatic payments from your checking account. This is not only convenient, but it can also help eliminate late payments. – Keep credit cards in good standing active — even if you don't plan to use them. A proven track record with a number of credit cards shows lenders that you can manage credit effectively. – Don't jump to zero. Paying off one credit card with another that promises low interest rates may sound like a good idea, but it could cost you in the long run. You may be racking up fees and higher interest rates. Frequent transfers could also negatively impact your credit-card balance-to-limit ratio. By keeping spending habits in check and managing your credit wisely, you may be able to get the loans you need when you need them. You could also earn higher credit limits and lower interest rates. |
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Errors
on your credit report can greatly affect your credit rating, and a low rating
could determine whether you get a loan for the house or car you've been eyeing.