A good credit score will get you far. Not only will it allow you to get loans easier, but it'll show banks that you're more than dependable with your money. However, not everyone's score is going to be the greatest. As a matter of fact, many people might be searching for ways to improve theirs. For those who fall into this camp, there are ways you can help yourself. Here are a few of the biggest do's & don'ts of credit score improvement, courtesy of Bob Jain.
DO be timely with payments. It cannot be stressed enough: being late on a single payment can be disastrous for your credit score. This is why you have to make them as soon as you can, ensuring that no late fees are accumulated. It also doesn't hurt that it will keep your credit score from falling. For those who might not be attentive, as far as the aforementioned payments are concerned, it's probably time to change up your strategy.
DON'T sign up for multiple credit cards. According to companies like Bob Jain CS, applying for a number of credit cards is not beneficial. As a matter of fact, this can land you into debt rather quickly if you're not careful. This makes sense, seeing as how you'll be responsible for covering a number of balances in this scenario. When you limit yourself to just a couple of cards - one for credit purposes and the other for debit, ideally - you do your credit score a huge service.
DO be responsible when using your credit card. Next, make sure that your credit card is used responsibly. Many people tend to make multiple charges, especially during the holidays and birthdays, which means that paying everything back later can be a challenge. Bobby Jain CS will agree, which is why credit card owners must possess a sense of responsibility. This will go a long way in improving one's score as well.
DON'T assume that your score will get better overnight. This is dependent on the individual case, but you can't expect your credit score to improve in a short time. Instead of becoming impatient, continue to follow steps like the ones covered earlier. Continue to make your payments and be wary of any offers that seem too good to be true. If you're good about your finances, sooner or later, your score will start to look more positive.
DO be timely with payments. It cannot be stressed enough: being late on a single payment can be disastrous for your credit score. This is why you have to make them as soon as you can, ensuring that no late fees are accumulated. It also doesn't hurt that it will keep your credit score from falling. For those who might not be attentive, as far as the aforementioned payments are concerned, it's probably time to change up your strategy.
DON'T sign up for multiple credit cards. According to companies like Bob Jain CS, applying for a number of credit cards is not beneficial. As a matter of fact, this can land you into debt rather quickly if you're not careful. This makes sense, seeing as how you'll be responsible for covering a number of balances in this scenario. When you limit yourself to just a couple of cards - one for credit purposes and the other for debit, ideally - you do your credit score a huge service.
DO be responsible when using your credit card. Next, make sure that your credit card is used responsibly. Many people tend to make multiple charges, especially during the holidays and birthdays, which means that paying everything back later can be a challenge. Bobby Jain CS will agree, which is why credit card owners must possess a sense of responsibility. This will go a long way in improving one's score as well.
DON'T assume that your score will get better overnight. This is dependent on the individual case, but you can't expect your credit score to improve in a short time. Instead of becoming impatient, continue to follow steps like the ones covered earlier. Continue to make your payments and be wary of any offers that seem too good to be true. If you're good about your finances, sooner or later, your score will start to look more positive.
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For additional financial tips from Robert Jain CS, please visit Bob Jain Credit today.. This article, Bob Jain: The Do's & Don'ts Of Credit Score Improvement is released under a creative commons attribution license.
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