Improve Your Credit Score
With banks not lending money this is a good time to improve your credit score. The following headings list factors you may want to consider and the source documents provide valuable information.
Credit scores
There are at least six primary credit scores driven by FICO and the best interest rates go to people with a score above 700.
Credit reports
View your credit report. You are entitled to a free annual credit report from three credit reporting agencies: Experian, TransUnion and Equifax. Only one official site provides free reports. The website address is www.annualcreditreport.com.
Close accounts
Is it good to cancel credit cards? Yes and no. It's good to cancel credit cards if you have too many but closing an older card can cause your credit score to go down. Older credit card accounts demonstrate an established credit payment history.
Inquiries
Will too many inquiries hurt your credit rating? Not always. For example if you are searching for a home and apply to several different lenders within a two-week period that counts as only one "hard" inquiry against your score.
Source
Daily News
Credit scores
There are at least six primary credit scores driven by FICO and the best interest rates go to people with a score above 700.
Credit reports
View your credit report. You are entitled to a free annual credit report from three credit reporting agencies: Experian, TransUnion and Equifax. Only one official site provides free reports. The website address is www.annualcreditreport.com.
Close accounts
Is it good to cancel credit cards? Yes and no. It's good to cancel credit cards if you have too many but closing an older card can cause your credit score to go down. Older credit card accounts demonstrate an established credit payment history.
Inquiries
Will too many inquiries hurt your credit rating? Not always. For example if you are searching for a home and apply to several different lenders within a two-week period that counts as only one "hard" inquiry against your score.
Source
Daily News
Comments