Do You Lack Credit Score Know-How?
Any lack of knowledge you may have about credit and your credit score will not set you free; it will bury you. Credit score mistakes that you make due to carelessness or lack of knowledge can cost you plenty of money. If you want to avoid wasting your hard-earned money go back to credit basics.
Creditors, retailers, insurance companies, landlords and employers do not care what caused your poor credit. It means very little to these institutions whether your bad credit score is due to late pays, a bankruptcy or too many missed payments.
Your score is all these institutions use to determine whether or not to do business with you or to charge you more for services. Cutting your credit cards up may be the easiest way to stay ahead.
It’s Just A Number
Your credit score is more than just a number, it is the way the financial industry labels you. You are judged on your credit score. Since the financial industry is taking credit scores very seriously you should too.
Your score determines what you pay in fees and interest on your credit cards, insurance premiums and even rent. Sometimes employers use it to decide whether or not to hire you. Your financial life is so dependent upon your credit score. It really is in your best financial interest to do whatever you can to get you credit score as high as possible.
Your Actions Speak
Your financial actions may seem petty or minor to you but can have a huge impact on your credit score. Your score can drop dramatically due to a few financial mishaps on your part so do not ignore or brush over the tedious details. If you want to improve your credit score the right financial move is to pay attention to the small details.
It’s All In The Details
If you pay attention to the details you improve your credit score plus you also save money by avoiding astronomical interest rates and fees. A little work on your part on the front end can save you money on the back-end.
- pay all of your bills on time every single month
- never miss a payment
- keep your balances on your credit cards below the maximum limit
- avoid taking cash advances on your credit cards
- avoid jumping from credit card to credit card
Inch By Inch
If you find those tasks difficult to achieve try to accomplish one at a time. To keep your credit card balances low only buy based on needs not wants. Cut yoru credit cards up if you cannot manage them. To avoid missing payments set up your accounts online. To avoid the temptation of cash advances, again, stop the want purchases and focus on the need purchases. Inch by inch, it’s a cinch.