April 8, 2013

Village Tip: 8 Ways to Improve Your Credit Score


The 5th principle of our Declaration of Financial Empowerment pledges us to to engage in sound budget, credit and tax management practices. Dr. Boyce Watkins shared some sound tips with his blog readers about improving our credit scores. I thought that villagers would find these tips of interest as well.
People always want to improve their credit score, not only because a good credit score will help them have a cheaper interest rate when they borrowing money, but also because a good credit score will help their lives much easier. But if you forget to pay several bills on time or did something hurt your credit, what you can do to repair the damage? The following is some tips for improve your credit score.
  1. Always pay your bills on time, but if you missed the deadline, get current and stay current.
  2. If you have problem making the ends meet, you should get in touch with your creditors to help you with managing your credit and pay bills on time.
  3. Pay off debt rather than moving it around.
  4. Don’t close unused credit cards as short-term strategy to raise your score.
  5. Don’t open numbers of new credit cards that you don’t need just for increase your available credit, apply for and open new credit card only as needs.
  6. Don’t close paid-off, old accounts.
  7. Keep balances low on credit cards.
  8. Re-establish your credit history if you have had problems.
Source #1; Source#2; Source #3;
My credit score has taken a beating over the past few years. I plan to use these commonsense tips to improve it. It is never too late to do the right thing!  What say u about credit cards, credit practices or credit scores?

3 comments:

Symphony said...

Make sure you check your credit report every year. You can do it free of charge, every 12 months through annualcreditreport.com

It gives you access to all three reporting agencies.

SjP said...

I've been on a mission to increase my credit score for the past few months. So, far I've bee very successful and it really feels good. These are some great tips that really work! I'm a witness!

Left a little something for you at SjP's

Villager said...

Symphony - Excellent advice. I'm currently paying to have access to my 3 credit reports as well as any comments on my credit. This was part of my aggressive effort to improve my credit score. The stark realty is that income must be sufficient to cover expenses. That is the most basic element of a good credit score!

Sojourner - Thank you for the blogging award. It is very much appreciated. Also, continued good progress on your credit score!