Rebuilding Your Credit Score
Posted April 23, 2014


Your credit score makes a big difference when buying a house, a car or taking out a loan. If your score is not within an acceptable range, it can always be improved over time.

Excellent Range =      750 - 840
Good Range =      600 - 749
Fair Range =      620 - 659
Poor Range =      340 - 619

Here are some things that can help maintain and/or reach a good score.

Be sure to pay your bills on time. This is the highest percentage of your credit score, about 35%. Procrastinating or sometimes just forgetting to pay a bill negatively influences your score. Consider setting up automatic bill pay, which most creditors have available on their website. Paying on time tells lenders that you are a responsible money manager.

Set up an emergency savings account. This is your insurance against unforeseen events, and can help you avoid adding to your debt if an emergency comes up and you need money immediately. It also provides peace of mind, and hopefully you won't have to use it.

Pay down your debt. Everyone has to establishing credit, but its best not to become too dependent on the charge card payment cycle. You already know what you can afford to pay comfortably, so make sure you differentiate wants from needs when making small or large purchases.

If you use a credit card, pay special attention to the interest rate. The rate alone can end up prolonging your payments and the amount paid by more than you would estimate.

Check your credit report periodically, making sure there are no errors on it. If you do find questionable items, explore and fix them immediately.

Remember, if your long or short goals include a new home or other purchases, a good credit score can definitely help you pay less.

Posted By: Michelle Keaton-Barrow
April 23, 2014 10:10 PM




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