Debt Solutions Main Ways To Maintain A Good Credit Score
November 25, 2010 by admin
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Debt Solutions Main Ways To Maintain A Good Credit Score
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Home Page > Finance > Debt Consolidation > Debt Solutions Main Ways To Maintain A Good Credit Score
Debt Solutions Main Ways To Maintain A Good Credit Score
Posted: Jun 30, 2010 |Comments: 0
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Debt Solutions Main Ways To Maintain A Good Credit Score
By: No Debt Diva
About the Author
NoDebtDiva is a financial professional dedicated to helping those who are in financial need.
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Article Source: http://www.articlesbase.com/ – Debt Solutions Main Ways To Maintain A Good Credit Score
Maintaining a good credit score is the key to making sure you’re always able to get the best interest rates and getting approved on your credit-based application. A good credit score also allows you to save money on insurance and security deposits on new utilities and cell phone service. Maintaining a good credit score isn’t difficult. It’s all about how you use credit that allows you to keep a good credit score.
What does it take to maintain a good credit score? Some of the same things it takes to build a good score in the first place. That would include paying your accounts on time and keeping your credit card balances low.
1. Learn what goes into a good credit score
The more you know about what goes into your credit score, the easier it will be to maintain a good one. Five key pieces of information are used to calculate your credit score – The amount of debt you have is 30% of your credit score, payment history is 35%, length of credit history is 15%, new credit is 10% and types of credit is 10%. Not everything financial affects your credit score. Checking account overdraft protection, phone bills and utility payments won’t automatically help and/or hurt your credit score.
2. Pay your bills on time
That goes for all your bills, not just your credit cards and loans. While certain bills don’t get reported to the credit bureaus when you pay on time, they could end up on your credit report if you fall behind. Even a small fine could wind up on your credit report. Continue to pay all your bills on time to maintain a good credit score. Debt Solutions Late Effects On Credit
3. Keep credit card balances low
The higher your credit card balance is, the worse your credit score will be. Your credit card balance should be approximately 30% of your credit limit to maintain a good credit score. An example would be a $300 balance on a credit card with a $1,000 credit limit. Charging more than 30% of your available credit limit can not only bring your score down it can trigger a higher interest rate based upon you becoming a higher risk factor. Card issuers typically report the balance when your statement closes. If that balance is higher than 30% of your available credit it could affect your credit score.
4. Manage your debt
Credit card balances aren’t the only accounts that influence your credit score. Loan balances and lines of credit also impact your level of debt (30% of your credit score). Having too much debt can cost credit score points and make it difficult to afford your monthly payments. If you are using more than 30% of your available credit then this is the time to stop charging and start paying down your balances. If you have already been hit with high interest rates and your credit card companies will not lower them, you may want to consider joining a debt management program. Not only will your interest rates lower to somewhere between 0 to 9.9% in most cases you will have a level payment plan making it easier for you to get out of debt. Remember the amount of debt you have equals almost 1/3 of your total score so this is a big issue. Need help budgeting ? Click Here.
Debt Solutions USA, Inc. is the leader in this industry. Debt Solutions USA is A+ Rated and is Approved and Accredited by the Better Business Bureau. Debt Solutions USA can help to stop late fees and penalties in most cases and reduce your payments and interest allowing you to get out of debt up to 75% faster. Click here now for a free quote www.debtsolutionsusa.com or call them Toll Free at 1.888.747.8683
5. Don’t close old credit card accounts
When you close a credit card, your credit card issuer no longer sends updates to the credit bureaus and the credit scoring formula places less weight on inactive accounts. After 10 years or so, the credit bureau will remove that closed account’s history from your credit report. If the account was an old one (which it would be after 10+ years), losing that credit history will shorten your average credit age and cause your credit score to drop.
6. Limit your applications for new credit
Each time you apply for credit – whether a credit card or loan – your credit score takes a small hit. Credit inquiries are only 10% of your credit score, but if you have a high credit score (say 800), you stand to lose a lot of points (10% of 800 is 80). Opening a new credit account also lowers your average credit age (15% of your credit score). To maintain a good credit score, you should open new credit sparingly. If you get a credit card offer in the mail this does not count as an inquiry.
7. Watch your credit report
Just because you do everything right with your credit doesn’t mean everyone else will. Errors could end up on your credit report leading to a drop in your credit score. Identity theft and credit card fraud can also lead to inaccurate information on your credit report. Checking your credit report throughout the year lets you detect these mistakes sooner so you can correct them and maintain a good credit score. Get your free credit report once a year from all 3 agencies at www.annualcreditreport.com or call 1.877.322.8228
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