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Ten Ways to Get Amazing Credit

There is no worse feeling than having a bank or apartment manager ask to see your credit score when you know that it is less than stellar even when you haven’t really done anything wrong. Here are some ways that can boost that score quickly.

First—You need to budget and know what your income is verses your monthly payments. If you don’t know you are just playing a guessing game and your credit score will directly reflect that.

Second—Make sure you budget some of your money for your long term debts for ex. Cars, college loans, and anything else that may be loaming over head. If you can’t pay them off now then at least keep up with the payments.
Third—know that you don’t have to use credit card interest to build your credit. They are an unnecessary expense and will only suck from your account.

Fourth— Stay away from bankruptcy and foreclosures. These will hang around and haunt you whenever you check your credit scores.

Fifth— Keep up-to-date on what your score is. You can’t fix things if you don’t know what is going on and you can get a free annual report from the government so there are no excuses.

Sixth—Use automatic payments in order to keep up on loans and other payments. This is an amazing feature online that can really improve your game plan.

Don’t fight your insurance company too much. By letting disputes get too heated many people find a dent in their credit score even though they may have been right.

Eighth—Pay off revolving debts before you pay off installment debts. This is what a lot of your credit report is based off and it is also better to spread the debt out on several cards if you have to.

Ninth—Stay low on your credit utilization so you are well under the limit. This looks good when credit agency see you consistently only using a portion of your credit each month.

Tenth—Don’t close accounts because this can actually hurt your score in the end.

As you start implementing these tips you’ll begin to reap the benefits of an improved credit score. Some people aren’t aware of the many benefits to having a great credit score so here are some of the top benefits and perks that we find from improved credit:

One of the major one is having the ability to pull out loans for cars or a house. Credit is basically trust and allows banks to work with you much more readily.

Another perk is being able to lower your interest on loans. You don’t want just any loans when you apply. You want to be able to get the best interest out there.

Good credit also means good mortgage rates. Sometimes this can save good credit scorers up to 300$ a month on their house payments.

People don’t think about it that much but good credit can get you a much better cell phone plan as well. More and more cell phone companies are incentivizing good credit and are taking the time to check for stellar scores.
Discounted insurance is another major incentive for good credit and many times insurance companies offer other incentives and give customers who have good credit better options.

Working with landlords and apartment managers requires good credit in order to be in good standing. Sometimes it helps in the negotiation process and can lower your monthly rent.

If you are thinking of starting a small business good credit can not only help with loans but can help you qualify for good real estate which is very important for business owners.

Another little known effect that good credit can have is on your future employment. Many employers do a credit check to see how consistent applicants are.

This can be used in order to help employers make decisions on two similar candidates.

So with all of the simple ways of maintaining and raising your credit score, you should come up with a budgeting plan for implementing them. Getting a good credit score may not be an overnight event but if a person is diligent he/she can slowly decrease their debt and keep up on payments and ultimately increase their credit score.

The benefits definitely outweigh the costs as each point refers to less debt and more freedom to choose.

Establishing and Developing Your Credit Score Effectively

Your credit score can be a great inhibitor or it can open up financial doors for you. Cultivating a good credit score is not impossible and by paying attention and taking responsibility for your finances you can be sure that your credit score is where you want it to be. Building a good credit score can start early and if you are in college or you are a young adult, take control of your finances and of your credit score.

Start by understanding that you are going to need to be as responsible as possible with your checking or savings account and your debit and credit cards. Keeping up with your financial obligations may be difficult, but committing yourself to financial responsibility will ensure that your credit score will continue to grow higher.

If You Don’t Have Credit, Start Here

If you do not have any credit, start by getting yourself a credit card. Get a credit card that fits your needs and make your payments in a timely manner. You should try to pay off the credit card in full each month to ensure that you are not wasting too much money on interest payments. Although it can be tempting to spend money that you do not have, try to refrain from purchasing big items on your credit card when you know you do not have the money for them.

Stay Disciplined With Your Credit Cards

Using your credit for day to day expenses and then paying off the credit card at the end of the month is a great way to ensure that your credit card has a positive effect on your credit score. While you are using the credit card, you should understand that you will have ample opportunity to do damage to your credit score. It is important that you do not miss a payment. As you are applying for cards, make sure that you only apply for one card at one time. Applying for a high number of credit cards can be damaging to your credit.

After you have your credit card, you should only use anywhere from ten to thirty percent of the credit that you are allotted. Keeping your balance low and making regular payments will ensure that you are exhibiting responsible behavior with your credit card.

Diversify Your Credit

When you have had a credit card and you have established healthy and beneficial spending habits with your credit card, you may want to get another form of credit. Having more than one form of credit will help your score. Taking out an auto loan, a personal loan, a school loan or even a short term loan like a cash advance that you can pay off quickly is a great way to establish another line of credit.

When you are working on developing better credit it is also important that you are on top of it with your bills. You should be paying all of your bills on time. Although paying on time won’t do a whole lot to help increase your credit score, if your bill is sent to collections, you will see a negative effect on your score almost immediately.

Not staying current on your bills can be detrimental, but you may find that there are times when you just do not have enough money to pay your bills. If you should find yourself in this situation, do not be afraid to take out a payday loan. This loan will give you the money that you need to pay your bill quickly and then when you get paid you can pay back the loan. If you are going to pay back the loan quickly, you will be able to ensure that there is no negative effect on your credit.

A payday loan, when paid back quickly, can be your saving grace. You can avoid late fees, higher interest or even having a service cut off to your home by simply getting the payday loan and paying your bill on time. Taking advantage of this service when you are in need will ensure that you are able to keep your credit score in a desirable range.

Taking control of your finances and increasing your credit score can open up a lot of doors in your future. Do not be afraid to sit down and assess your financial situation so you can figure out how to make it better. With a little tweaking, you may find that you are able to make great leaps and bounds to ensure that you are going to have a credit score that is beneficial for you for years to come.

Common Credit Questions for Incoming Freshmen

The school year is just around the corner and that means that thousands of new freshman will be starting college all around the country. In addition to these young adults trying to figure out their class schedules they’ll also be trying to figure out their new life as an adult. One thing that most young adults ruin before they even fully understand it is credit scores, so in this post we’ll cover some of the basics that all adults should know regarding their credit score.

Most adults have a credit score. A credit score is how lending companies and other financial institutions receive information quickly about how reliable you are going to be if they lend you money.

If you have a good credit score, you are lucky. Many opportunities will be afforded to you that will be denied to other people.

Track Your Credit

If you don’t currently have a handle on your credit and your accounts, now is the time to start keeping track of those things. You may not always be able to hang on by the seat of your pants when it comes to your finances.

Unfortunately, many people are not aware of their credit score and barely even glance at their account statements. But it is important for all people to start making some financial goals so that they do not make any mistakes that are hard to undo.

Dont Stress

People don’t seem to realize that the state of your finances can really affect the rest of your life. For example, many divorces happen because money was such a big issue.

Arguments over money can come between relationships and marriage, and they often do. Financial stress can also cause problems at your job, or even cause problems with your health.

The key point here is that you need to be honest about your financial situation, or you will experience finance-related stress most likely very soon. Here are a few questions you can ask yourself when you are trying to sort out your finances and the state of your credit.

How Much Do You Owe?

The first question you should ask is how much you owe. If you do not know, you need to find out.
Even though it may be painful, difficult, or time consuming, you need to find out how much you owe. Finding out how much you owe is the first step in resolving your financial problems.

Although you may think your financial problems are unsolvable, this is not true. You have the power to change your financial situation.

As stated earlier, it will probably not be easy. If you are pretty far in debt, it may take quite a while to dig through all of your papers and financial documents so you can figure out how much you owe.

It is important to remember that debt not only includes debt from credit cards, but also includes debt from loans you may have, like personal, auto, or home loans. Many people tend to forget that these loans still count as debt.

Although these types of debt are more widely accepted as normal, they are still debts that you owe. You should try to sit down at least once a year and revisit all of your debts so you know how much you owe.

Make a Plan

Make a plan of how you’re going to pay back your debts. Making this plan very specific will be the best for you.
If you make your plan specific, you will be more likely to be motivated to pay off your debts. If your plan is not as specific, you may struggle to be able to pay them off.

You should also try to work towards paying off your highest interest accounts first such as credit card or short term loans. This makes the most sense because you are losing the most money by having those accounts open.

Whatever way you decide to pay off your debt, you should stick to that plan and watch your monthly payments slowly decrease. Another great way to get in control of your debt is to make sure your total debts are not over a certain amount of your income.

Most financial experts recommend that you do not get into debt that exceeds 36% of your monthly gross earnings. If you are already over the number or rapidly approaching, you should probably get some serious help with your debt problems.

Usually, people accrue debt because of other reasons besides money. They have some emotional attachment to buying things or they need the most expensive car in order to be perceived a certain way.

If you are finding that you think there are some underlying issues that fuel your problems with debt, you might want to go see a professional counselor or therapist as well as see a financial advisor. This will help you work out the practical and the emotional complexities of your problem.

Try to make sure you have a healthy mix of credit. This means that you have all different types of credit, like credit cards, auto loans, and mortgages.

Try to handle each kind of credit you have the best that you can and you should have an excellent credit score.

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