St Louis Refinancing Experts Recommend These 3 Great Credit Moves
Most consumers understand that we are living in a new credit restricted society
. Thus, it only makes sense that we should exercise more care as handling our credit profiles.
Here are 3 good ways to make improvements as regards our credit information:
1. A Good Start Would Be To Look At Your Credit Report Right Away -
One of the biggest mistakes consumers make is not knowing if there are errors on their credit reports until they apply for a loan.
Your credit report contains financial scoring information that can either help you get a good loan or could prevent you from getting one all together.
Since the Fair Credit Act allows everyone to order a free copy of their credit report each year, you should do this immediately by searching for Annual Credit Report.
You must carefully review your credit report and then immediately dispute any errors including accounts that are not yours and duplicate accounts.
2. You May Want To Opt Out Of Pre-screened Credit Card Offers -
Why allow tons of pre-screened credit card offers pile up in your mailbox.
But if you do want a new credit card with a better rates, shop at your pace by searching on the Internet for Credit Card Guide or Bankrate and then apply.
Do not make the mistake of thinking that just because you receive any type of credit card offer in the mail that you have been approved for the best rates and terms.
Most credit card companies and banks will still pull your credit report and then score you when you apply.
You may find yourself getting less than favorable terms or possibly getting a letter of denial due to changes in your credit profile since receiving the original credit card offer via mail or e-mail.
You can also opt-out of receiving credit card and insurance offers for up to five years or permanently with a mail-in form online at Opt Out Prescreen.
3. If You Have Credit Cards That Have Been Put Away, Get Them Out -
New rules taking effect in August will now get rid of inactivity fees for not using credit cards.
However, just because you claim a victory by not getting charged inactivity fees, if your cards continue to go unused, they can be closed or credit limits dropped which may lower your credit score.
For cards that you definitely want to hold on to, make sure you use them at least once every 3 months.
The good thing about keeping these cards with limited usage is when another card you have gets zapped with a higher interest rate or lower credit limit.