Improving Your Fico Credit Scores
FICO credit scores have been in the news a lot lately, especially since the economy has been so rocky. The foreclosure crisis hit many Americans who had otherwise impeccable credit, thereby hurting their chances of getting approved for another home loan after losing their original house. Credit scores affect more than just the ability to get a mortgage; they also impact car loan opportunities, the interest rates on credit cards and in some cases, even the chance to get hired by a new employer! Having good credit scores is something to be proud of because it shows you are responsible and stable.
First of all, pay your bills on time. This is the single-most important factor in improving credit scores. This means paying not only credit card bills on time, but also mortgage or rent payments, car loans, cell phone bills and utility bills. These accounts may not show up on an impeccable credit report, but if you’re 30 days late on something, it’ll show up as an unsightly blemish. It’s imperative that you at least make the minimum monthly payments to remain in good standing.
If you’ve missed a bunch of consecutive payments and your minimum has now exceeded what you can reasonably afford, then you may be able to transfer your balances to a new 0% interest card or you may need a credit counselor to help negotiate a plan for you. Also keep in mind that bounced checks will adversely affect your credit history too. Your overdraft bank account won’t necessarily show up on your sample credit report, but the financial institutions can pull up this information using ChexSystems.
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