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If you are in a difficult financial situation, your credit score may not be in the best shape. It’s important to keep your credit score rating, or FICO score, as high as possible, because lenders will use your score to determine your interest rates and acceptability for future loans. There is a connection between how well a person manages money and how well they handle other responsibilities, so some employers check the FICO scores of potential employees. A low FICO score could cost you a new job.
When my husband and I decided to get our finances in order, we read an article about credit ratings. When we checked our scores, we were a little discouraged because they were low, and we knew we had to work on improving them. We searched the Internet for advice and checked out some books at our library. After one year, we saw an improvement, and after five years, the difference was incredible. Here are some of the best ways we found to improve our credit score rating.
Pay all your bills on time. We had a problem with this for many years, but when we made a commitment to meeting all of our bill payments, this made a big difference in our credit score. If you mail your payments, make sure you include enough time for the payment to get to the lender and be posted to your account.
Don’t apply for multiple credit cards or loans. My husband and I didn’t realise that every time we applied for a new credit card or loan, this was detrimental to our credit rating. Whenever you apply for new credit, the lender performs a search of your credit scores, and several searches within a year will lower your score. If your credit application is denied, the lender’s credit search is still counted for your FICO score. When you are thinking about applying for credit, be very careful if you’re concerned about your ratings.
Don’t use all of your credit limits. Part of your FICO score is based on how much available credit you are actually using. My husband and I used to keep our credit card balances dangerously close to the credit limits. Our average usage rate of available credit was probably around 90% to 95%. This was terrible for our credit rating. When we started paying off our credit cards and loans, our credit scores really improved.
Remember that if your FICO score is low right now, there are ways that you can improve it. Just using these three suggestions can make a big difference in your score. As you continue to improve your financial situation, your credit rating score will climb higher.
My suggestion for you:
Learn about FICO scores and ways you can improve your own score. Your credit rating score is an important part of your overall financial picture, and you need to work on having the best score possible.
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