Best Ways to Boost Creditworthiness
To Buy or Sell Call Keji @ 301-613-2043
email @ keji@metrohomesrealty.com
Using credit responsibly is an integral part of
personal financial health. Not only is credit a key factor in securing loans
for a home, vehicle or other major purchases, landlords often look at credit
before approving new renters, as well.
“Improving and
maintaining a positive credit history is important for people of all
backgrounds, ages and life phases,” says Mike Sullivan, director of education
for Take Charge America
To do just
that, here are some greats tips on boosting your creditworthiness.
1. Limit the Number of Cards
People are
bombarded with dazzling credit card offers, but applying for too many can
negatively impact credit while also increasing the risk of deep debt.
2. Avoid Fees
Credit card
companies charge fees for late payments—even when it’s just a day or two—and
for exceeding card limits, even if it’s only a few dollars. Worse, exceeding
limits or making late payments may trigger a higher interest rate and show up
on your credit report.
3. Pay Off Balances Every Month
Many people fall
into the trap of making just the minimum payment, but paying off balances
ensures consumers aren’t wasting money on interest.
4. Never Get a Cash Advance
The prospect of
quick cash is tempting, but advances almost always come with hefty fees and
high interest.
5. Don’t Close Old Accounts…
While this may
seem counterintuitive, closing a card may negatively impact your credit because
it reduces credit-to-debt ratio and credit history, both major factors credit
bureaus use to calculate scores.
6. …Unless There Is a Steep
Annual Fee
In this case,
the benefits of closing the account may outweigh the potential effect on
credit.
7. Review Statements Each Month
It’s important
to check your account statements monthly to ensure they are accurate and that
you understand the terms.
8. Opt-Out of Prescreening
Minimize the
temptation to open new cards by opting out of pre-screened offers at
optoutprescreen.com.
9. Use the Perks
Credit cards
offer perks beyond travel rewards and cash back, but many don’t know about
them. Agreements spell out all of the benefits, from buyer protection and car
rental discounts to extended warranties and free airport lounge access.
10. Use Cards Online
With identity
theft on the rise, use credit when making purchases online. If your number is
stolen, you will not be out any money while the card company investigates. With
debit cards, the money may be inaccessible while the situation is being
resolved.
Find out If you qualify For One of the many low to Zero Down Home Loans Available Here.
Keji & Associates of Fairfax Realty is a team of licensed agents working daily to get homes sold for our clients in all parts of the metro area. We delight our clients by delivering world class service every step of the way and we strive to create a win-win situation this is all part of our values and beliefs. Contact us @ 301-613-2043 , visit our website . www.metrohomesrealty.com
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