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Credit Score Does Make a Difference!

by nancy
September 1, 2012

The Little Number that Makes a Big Difference

Your credit score is one of the key deciding factors for life’s big purchases. A good score means you get better interest rates and in some cases, more flexible payment terms. Conversely, a bad score may prevent you from achieving your goals as it often results in higher payments or even your application being denied. While there seems to be a number of places to check your credit score, many people don’t know how to improve their score when they find out they have a low one.

 

 

 

 

 

 

 

 

 

 

 

 

 

Here are some simple steps you can take to get back on track:

  • Pay your bills on time – every time.  It is not worth the risk to delay making your payments.
  • Immediately pay accounts that have gone into collections.
  • Maintain older accounts.  Credit accounts that are 2 years or older show stability.
  • Limit yourself to four to six accounts.  Too much credit can be seen as a risk especially if you have high balances.
  • Closing accounts can affect the ratio of your available credit, so be careful not to negatively affect your score.
  • Maintain a variety of accounts: Credit cards, a mortgage or an auto loan shows you can handle a mix of credit responsibilities.
  • Check your credit report for errors and inaccuracies and fix them promptly.

Knowing the basic fundamentals about how to improve your credit score will help you secure a stable future. Visithttps://www.bellco.org/CreditEd.asp to learn more.

Bellco


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