You And Your Credit Scores PLR Ebook

Ebook Sample Content Preview:

In this chapter we'll look at ways in which you can boost your credit score within six months. Using these few simple techniques, you can build an enviable credit score over time. The sooner you start to do this the better, especially if you're looking to buy a home.

Get your credit reports and make sure that they're accurate The first step is to get a credit report from all three of the major credit reporting agencies. The first step is simple, and we covered how to remove inaccuracies in the previous chapter. Make sure that you do this, even as you're working on improving your credit score.

Apply for credit cards and make repayments How many credit cards do you have? If you have a dozen, please close as many as possible. The more credit lines you have open, the more it will hurt your credit score. Aim to have a maximum of three to six credit cards at any one time, and aim to use only about 30 per cent of your available credit on a card at any one time. All the cards you keep cards should fit your financial goals. Credit cards are not free money – you're charged for each and every card you own, even if you pay them off regularly.

If you have many cards, begin to pay them off, every month. Ideally, you will pay off every card you have every month. If you're carrying a lot of credit card debt, this will not be possible for you. However, create a budget now, and begin a schedule of regular payments, so that you clear all your credit card debt. Once your debt is cleared, you can begin to use your cards strategically. The fact that you're making regular payments on your cards and are whittling down your debt will show up on your credit report, and you will get credit for this. In the meantime – don't use your cards to make additional purchases: your aim is to pay off your debt.

If you're someone who's always paid their way, and have never applied for a credit card, you may think that this will help your credit score, but unfortunately it won't. You need to show that you’re a good money manager: that you stay within your budget, keep track of all your bills, and pay all your bills promptly. If you've never had a credit card, think about which cards would be most useful, and apply for two cards. Make a small purchase on each card every month, and pay the card every month. These payments will show on your credit report, and they'll begin to increase your credit score.

• File Size:222 KB
• License: Private Label Rights
• Category:Ebooks
• Tags:2008 Ebooks Private Label Rights