subject: 3 Tips to Improve Your Credit Score, Today! [print this page] We've all heard it before, "If you want to improve your credit score, pay your bills on time." Well that doesn't help someone with bad credit, NOW! Paying your bills on time may improve your score...in a couple YEARS!
A good credit score is important especially when trying to get a loan for a new house, new car, etc. The better your credit score, the lower your interest rate. The lower your interest rate, the lower your monthly payments are. Do you know what that means?
More money YOUR pocket!
Here are 3 tips you absolutely must do to improve your credit today:
1. Spread out your credit card balances.
It doesn't help your credit score to have one card that is almost maxed out and 3 sitting there with barely anything on them. You may think your being wise only using one card, but the credit agencies see differently. Put more on each card. So instead of having one card 80% maxed and 3 or 4 only 5%, balance out those balances!
2. Dispute your old late payments.
When your bank or credit card company reports that you have been late on a payment, they must keep proof of that late payment. Here's the trick. Most companies only keep that for a little while because of storage issues or other reasons. Write a letter requesting proof and your late payment may be dropped. Instantly improving your score!
3. STOP closing your old credit card accounts!
I don't care if the interest rate is 1000%. Keep that old credit card open, just keep a $0 balance. The credit bureaus don't care what your interest rates are, they just want to see that you've had credit card accounts for a long time. The older the better. This tip is great because you don't actually have to do anything. Perfect.
Well, that's it. 3 great tips to get you on your way to a MUCH improved credit score and more money in your pocket, today. In the end the process to a great credit score can be long and there is one big key. It has always been and will always be true that the way to a better credit score is, "Pay your bills on time". So go out there and apply these tips, today. Good luck.
