Manage Credit Card Debt with These 8 Important Strategies to Raise Your Credit Score

Manage Credit Card Debt with These 8 Important Strategies to Raise Your Credit Score by VMT Singuillo

Many of us know what credit cards are for - basically to be able to purchase goods through credit and not directly by cash. But have you heard about building your credit history? If you do, do you know that significance of it?

If you have had the chance to buy a car or a new house, lenders will look at your credit history, before you can purchase any of these through credit. You will be able to build up a good credit history only if you are able to manage your credit accounts well. For your information, lenders usually look at your credit scores as follows:

a. Scores of 700 and above: excellent; eligible for the best criteria

b. Scores of 680 - 700: very good

c. Scores of 640 - 680: generally acceptable

d. Scores of 620 - 660: marginal

e. Scores below 620: cautious review is required. In this case, a borrower may not be able to obtain the best loans and terms available.

To improve your credit score, allow me to list 8 important strategies that you can do:

1. Repair any errors on your credit report.

2. Close those accounts that you will no longer use. It is best to request that a remark "closed at consumer's request" be posted on your report.

3. Pay all bills on time. A single late payment in the past 24 months will lower your FICO score.

4. Always pay each of your bills with at least the minimum amount required.

5. Reduce your debt levels. Potential lenders usually compare your total debt to your income.

6. Never maximize the use of your credit card accounts. If one of your credit cards allows you $500 for your use, never use the whole amount.

7. Update your current address by making your creditors aware of any changes. Mismatch of addresses in your report could slow down any loan applications.

8. Never issue a bouncing check. A single bounced check you wrote, once reported to a credit bureau, is likely to stay on your credit report for seven years. It is important to note therefore, that before you close any checking account, every check you have issued have been cleared.

Now, before you buy a house or car through credit, make sure that you know your credit score. Good luck.

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