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admin 07-14-2009 02:23 PM

Credit Tips
 
Understanding Credit Tips

Check your credit history at least once a year. There are some websites that allow you to check all three (Experian, Equifax, and TransUnion) for free once a year. You can also pay to be able to check them more often.

Will 07-14-2009 02:24 PM

Re: Understanding Credit Tips
 
The best way to keep your credit score high and in good standing is to pay all of your bills on time and in full.

Will 07-14-2009 02:24 PM

Re: Understanding Credit Tips
 
When you are looking for a credit card, find one that offers two things. First a low interest rate, and second a low credit limit. The low interest will help keep the bill down, and the low limit will help keep you from spending beyond your means.

Will 07-14-2009 02:24 PM

Re: Understanding Credit Tips
 
Protect yourself from credit fraud by shredding all receipts you get when using your credit card. This will prevent thieves from finding your credit card number in the trash.

Bensdad 07-15-2009 08:47 PM

Re: Credit Tips
 
NEVER give out your credit card information over the telephone or via e-mail. Your bank would never e-mail you asking to provide this information, nor would they call you. They should already have it!

Bensdad 07-15-2009 08:51 PM

Re: Credit Tips
 
As you pay your bills on-time and in-full with each passing month, other credit card companies may begin to take notice of this and start to offer you their cards as well. Be prudent in deciding whether or not you wish to apply for additional cards, and make sure you know what you're getting yourself into.

Bensdad 07-15-2009 08:52 PM

Re: Credit Tips
 
If you find yourself starting to fall behind somewhat on your credit card payments, make sure that at the very least you are still able to make your minimum monthly payments, as sending some payment is always better than sending no payment at all. If you are late or miss payments, your credit card issuer may raise your interest rates and/or assess you late fees, and this will negatively impact your credit score.

Bensdad 07-15-2009 08:55 PM

Re: Credit Tips
 
If you find yourself mired in credit card debt and are offered a 0% interest card by another company for balance transfers, while this may seem like a good idea, read the fine print. Make sure that the interest rate is low for other purchases and that the 0% on balance transfers has a long enough period so that the rate does not rise within a month or two of securing the new card. Remember, despite the balance transfer, you will still need to pay off that balance at some point!

Bensdad 07-15-2009 09:00 PM

Re: Credit Tips
 
If you are applying for a credit card for the first time, you may not get as low an interest rate or as high a credit limit as you may feel you deserve. However, once you begin making payments and proving to your bank that you are not a bad credit risk, it never hurts to contact them and ask for a higher limit or reduced interest rate. More often than not if you have a good credit score they will be happy to do this for you, as they will not want to lose your business.

McFly 08-04-2009 04:03 PM

Re: Credit Tips
 
Having several open lines of credit (credit cards, home equity line, personal line of credit, etc.) with very low or zero balances actually improves your Fair Isaac Corporation (FICO) credit score. Just be sure to keep in mind two things - 1) Can you handle the responsibility/ temptation of having unused credit? 2) Will it be easy to close out some of the credit lines should you need to get credit somewhere else if they tell you that you have too much open credit for them to give you more?

McFly 08-04-2009 04:07 PM

Re: Credit Tips
 
When you apply for a loan or line of credit, you are likely to get your credit score mailed to you along with several statements about your credit. They may say things such as "Too many accounts open", "Too many inquiries in recent past", or "Too long since credit line last used". Don't take these too personally. Credit reporting agencies like Equifax, TransUnion, and Experian make it a habit to put down some negative remarks regardless of your score in order, even if it is relatively high. This is done to explain why your score is not the uppermost score possible, in addition to the fact that bankers making the loans are legally required to document reasons if you are declined for a loan.

Bensdad 08-04-2009 08:41 PM

Re: Credit Tips
 
With the recent financial situation, a good number of lenders may try to raise your interest rate, lower your credit limit, or, in some cases, do both. While this may seem like a trick of the not-so-reputable lenders, a good number of reputable lenders may try to pull these tricks on you as well. Do not give any reason for your lenders to do this by making sure you continue to pay in a timely manner and more than the minimum balances that are due.

Bensdad 08-18-2009 07:05 PM

Re: Credit Tips
 
Be wary of commercials that advertise "free" credit reports, as many of these companies, while they will ultimately provide you the credit report, will also require you to enroll in one of their credit protection services before providing the report. As it currently stands, you are entitled to receive one free credit report per year from the major credit bureaus, plus anytime that you make a large purchase (i.e. car, house, etc.), in all likelihood your credit report will also be pulled at that time, and you can view it that way as well.

bongobro 01-21-2014 01:06 AM

Re: Credit Tips
 
Quote:

Originally Posted by Bensdad (Post 2671)
If you find yourself starting to fall behind somewhat on your credit card payments, make sure that at the very least you are still able to make your minimum monthly payments, as sending some payment is always better than sending no payment at all. If you are late or miss payments, your credit card issuer may raise your interest rates and/or assess you late fees, and this will negatively impact your credit score.

At the same time, don't be afraid to contact the card issuer (s) and work on a way to cut that balance down as quickly and painlessly possibility. The card company can't read your mind. If you have a payment problem, let someone there know before it becomes A PAYMENT PROBLEM!


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