A good credit score will get you far. Not only will it allow you to get loans easier, but it'll show banks that you're more than dependable with your money. However, not everyone's score is going to be the greatest. As a matter of fact, many people might be searching for ways to improve theirs. For those who fall into this camp, there are ways you can help yourself. Here are a few of the biggest do's & don'ts of credit score improvement, courtesy of Bob Jain.
DO make your payments on time. One of the things to know about credit score improvements is that timely payments matter. When your bank statements arrive in the mail, you want to make sure that they're paid off as soon as possible. Not only will this elevate your score, but it will prevent you from needlessly falling into debt. This is just one of the many financial tips that will benefit your credit score in the long run.
DON'T apply for many credit cards. Bob Jain CS, as well as other authorities in finance, will tell you that multiple credit cards aren't recommended. One of the reasons for this is that you're responsible for covering multiple balances, which can become quite messy. When you're unable to do so, the likelihood of debt becomes much greater. Having one credit card and one debit card will be fine, so don't go overboard.
DO use your credit card responsibly. Bobby Jain CS will also stress the importance of responsibility, as it relates to credit card usage. In order to get your score up, you have to use your card from time to time. However, relying on it too heavily opens up its own collection of problems, specifically if you can't pay back the full sum on time. As an adult, you must be responsible for how often your credit is used.
DON'T be hasty with credit score improvement. Anyone who has improved their credit score will tell you that the process doesn't unfold overnight. As a matter of fact, it takes time for the aforementioned score to become better. The best way to go about this is by exercising patience, along with following the steps covered earlier. Do not become discouraged, no matter how long it takes; your score will improve soon enough.
DO make your payments on time. One of the things to know about credit score improvements is that timely payments matter. When your bank statements arrive in the mail, you want to make sure that they're paid off as soon as possible. Not only will this elevate your score, but it will prevent you from needlessly falling into debt. This is just one of the many financial tips that will benefit your credit score in the long run.
DON'T apply for many credit cards. Bob Jain CS, as well as other authorities in finance, will tell you that multiple credit cards aren't recommended. One of the reasons for this is that you're responsible for covering multiple balances, which can become quite messy. When you're unable to do so, the likelihood of debt becomes much greater. Having one credit card and one debit card will be fine, so don't go overboard.
DO use your credit card responsibly. Bobby Jain CS will also stress the importance of responsibility, as it relates to credit card usage. In order to get your score up, you have to use your card from time to time. However, relying on it too heavily opens up its own collection of problems, specifically if you can't pay back the full sum on time. As an adult, you must be responsible for how often your credit is used.
DON'T be hasty with credit score improvement. Anyone who has improved their credit score will tell you that the process doesn't unfold overnight. As a matter of fact, it takes time for the aforementioned score to become better. The best way to go about this is by exercising patience, along with following the steps covered earlier. Do not become discouraged, no matter how long it takes; your score will improve soon enough.
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