The proverbial, ever-changing credit score, we can't do without it, but how can we make it better. It may seem obvious to some, but nevertheless, here are
7 quick fire ways improve your credit score and maintain a higher credit score:
1. Pay your bills on time.
2. Only apply for credit when you absolutely need it. Applying for 10 credit cards last weekend isn't going to make your rating better! Trust me.
3. The longer your credit history the better it looks for potential future lenders. Cancelling old credit cards can shorten your credit history, so think twice before resorting to this and resort to other tactics first.
4. Each month, try really hard to make more than the minimum required payment on your card(s).
5. Keep your credit card balance to less than 50% of the total available limit on your credit card(s).
6. A mixture of revolving and installment type accounts stands you in good stead too. Mixing varied monthly payments (credit cards) with fixed monthly payments (car loan, student loan) shows you can manage your money with confidence and the banks really like this.
7. Your credit report may contain errors that you don't know about. Check it every so often (every 3 months is a good pattern). Be sure to check you are not a victim of ID theft, a crime that is on the rise.
Ok, so, now that you know how to maintain great credit, or improve bad credit, as a bonus, here are some superb ways to destroy your credit rating, sending you back to the stone-age (figuratively speaking):
1. Open and close lots of credit accounts over the space of a few days.
2. Write checks that bounce.
3. Default on a loan, or miss payment due dates, (even once can be a warning on your file).
4. Exceed your credit card limit AND don't repay on time (a real destroyer this one).
5. Declare you are bankrupt (seek legal advice before making this decision)
There are other ways. Use your imagination - just don't actually do it if you can help it.
Seriously though, a bad credit rating can cost you a job because more and more employers check your rating to assess how responsible you are for a potential position. More and more organizations assess your eligibility for credit even for renting an apartment, getting a cell phone or even to pay utility bills. Don't get denied for the most basic of services.
Credit card debt is at an all time high. This is a friendly wake-up call saying try your best to not be a part of it. Wishing you a happy life of good credit!
Ashley Bowkett has been headhunting and recruiting quality graduates and working professionals alike for more than 5 years into the television industry. And as an almost full time internet marketer with unique expertise on marketing and doing business in and across China, Ashley seeks to address the concerns of candidates of any age.
For reliable, detailed information on repairing your credit score visit his website at
http://ashleybowkett.com/recommends-reading/credit-repair/
When Ashley isn't writing articles and setting up joint ventures, he is a chief development director of a television network responsible for offices in New York and Beijing.
