Christine Ibbotson offers up some tips to improve your credit and maintain a good rating.
Resist the urge to have a lot of open credit cards, even if they have zero balances. Stephen Phillips - Hostreviews.co.uk photo/UnsplashDear Money Lady readers: I recently chatted with someone who only pays their bills on-line the day they are due and I wanted to remind you that, if you do too, you may be ruining your future credit!There are two major credit bureau companies that all financial institutions and merchants use today.
I have also heard in the past that some merchants or banks do soft hits to your credit. Please do not get fooled by this. There is no such thing as a soft hit, or a hard hit, to your credit bureau. If they have your verbal consent, when they adjudicate a consumer credit request, they will hit your credit and it will adjust your score.
2. Do not carry balances on credit cards or personal loans month over month. This means your credit is revolving and will automatically drop your score.4. You must have some credit. If you had previous bad credit and now are just using cash, you are essentially handcuffing your future. Without re-establishing good credit, the banks will decline you every time.6. Mortgage and vehicle payments in arrears, once reported are a major hit to your score. Please try to avoid this.
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