|
Best credit tips I ever got:
- Never close old credit card accounts, even if you don't use them...just cut up the cards...credit scoring takes status of long term credit accounts as one of it's scoring factors.
- If you can only afford to payoff some debts and have to allow others to go in arrears...pay off your small debts first rather than your large ones...every small debt is a hit on your scoring record...while value does count...having 10 $300 arrears accounts hurts your credit more than one $3000 in arrears
- Understand your credit card terms and how/when interest is charged. ESPECIALLY IF YOU DON'T PAY THE FULL BALANCE. Most people think purchases are interest free if you pay them at your next statement...nope...basically if at any time you don't make full payment (even if you make the min. payment), your card becomes interest bearing...all purchases still on your account and all purchases from that point forward have interest charges immediately until you have paid your balance in full (not all CCs are like this, but many are).
- Get a copy of your credit report at least once every nine-twelve months and look it over thoroughly. Be certain to dispute any discrepancies
|