Credit Tips 2015 – 7 Ways To Raise Your Credit Score

Credit Tips 2015 – 7 Ways To Raise Your Credit Score

You won’t be able to calculate the effects that a low credit score can cause but you will be able to recognize the damage that it can do your life and to your finances. The good thing about your credit score is that even a small increase in your score can save you thousands of dollars of interest in your home mortgage, car loan, or the rates on your credit cards.

Your credit score is a dynamic number and it will change every time your credit report changes. Even though you may think that this change is insignificant it can have a big impact on your credit rating.

If you want to improve your credit score here are some things that you should focus on as per the financial experts:

  1. Carefully review your credit report and then take the time to correct any errors. This includes getting rid of information that is bad and inaccurate. This step alone can make a big impact on your credit score.
  2. Don’t take old financial advice that tells you to close any credit card accounts you have that are unused or old. Doing this will reduce the amount of potential available credit that you have but will also change your debt ratio by raising it. You don’t want to raise your debt ratio since this will lower your credit score.
  3. Creditors will look at the average amount of time that you’ve had your accounts so this is another reason to keep your old accounts around.
  4. Start paying off your credit cards. Try to reduce the balance on your cards by at least 75% or lower of your total amount of credit. If you can’t do 75% work towards at least 25%.
  5. Pay your bills when they are due! This is perhaps the most important thing that you can do to raise your credit score.
  6. Try to limit the number of inquires that are made on your credit report. This means applying for as few new credit cards as possible. The less inquiries, the higher your credit score.
  7. Don’t apply for new credit cards just so that you can increase the amount of credit that you have available to you.

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Tips on Raising Your Credit Score 2015 Latest

Tips on Raising Your Credit Score 2015 Latest

You can save a lot of money by simply raising your credit score. And it isn’t that difficult a task.

It simply takes time.

My husband and I have both raised our scores by over 150 points each in less than two years. Simply through time and some wise decision making. The first step is to check your credit report. You can obtain your credit report for free each year from each of the three credit reporting agencies. We space it out so that we are checking ours every four months or so. This keeps us up to date on what our credit report says.

When you get your credit report, you will be offered a credit score for a nominal fee. Go ahead and spend this money for your score. It is a wise investment of your dollars. Keep in mind that each score is calculated differently. They will vary from agency to agency. It may also vary from lender to lender, depending on where they get their scores from. But they will all be in the same ballpark. If you are raising one score, chances are that they are all going up.

Review your credit report carefully. Almost 90% of consumers will have false information on their reports at some time. It happens. And it drags down your score. If you see something inaccurate on your report, you need to take steps to correct it immediately. There are several factors that contribute to your credit score. The five major components are: payment history, account balances, age of established credit, recent inquiries and opened accounts and types of credit.

It may seem like you should rid yourself of all credit cards due to their “evil.” However, this isn’t always great for your credit score. When it comes to credit cards, having a few can look good on your report. But you should have little to no balance on these cards. If you have a hard time about using your credit wisely, put the cards in a safe deposit box at the bank. Pay down your balances as quickly as possible. My husband’s score is actually held back a little by the fact that he has no credit cards at all. If you have an account with a zero balance, consider keeping it. It can add to your credit history, account balance and payment history.

The number one factor to raising your credit score is paying your bills on time, every time. Have them automatically withdrawn from your checking. Make yourself pay them well in advance. Then all it takes is a little time to distance yourself from negative reports on your credit.

With time, paid off debts and on-time payments, you are guaranteed to raise your credit score. And you will see savings as a result. You will get better interest rates, more favorable insurance premiums and the satisfaction of knowing that when you need to borrow, you will be able to borrow. A perfect credit score will go a long way for you.

Six Personal Finance Tips 2015 to Money, Wealth, Financial Security and Personal Finances

 Six Personal Finance Tips 2015 to Money, Wealth, Financial Security and Personal Finances

Today everyone wants their money to be safe and secure. However, the financial world is growing more unstable and our needs are changing at a rapid pace. The necessity for individuals and families to save and manage their money has never been greater, harder and it is not getting any easier. Managing a budget, saving and investing your money wisely is the immense subject on everyone’s mind. Saving money has become extremely hard today. You should save for retirement, save for your kids’ college education, save in case you get laid off and save just to create a sense of comfort.

Have you looked at your finances lately? The process of saving money, create wealth and achieving all of your financial goals start with the awareness what personal finance is. Personal finances are not about cashing your payroll check, paying your bills and meeting all of your monthly obligations. It is about having enough money saved in order to meet all of your financial goals in life.

Money is a medium of exchange, but the lack of money adds to great emotional stress in our lives. Take control of your finances immediately by reviewing the following tips provided.

Today is an excellent time to start reviewing your finances and put together a good financial program with goals that fits your financial needs. After you review your finances, take immediate action and make some positive adjustments. Do not try to take care of it by yourself. Make sure all of your family members know about your plans and they can assist you in meeting all of your financial goals. An important issue is to measure your results and make all possible changes needed. When you and your family achieve all of the goals, reward yourselves. Rewards are always great motivators. Start Today.

Six Personal Finance Tips

1. It is not what you earn, it is what you save. Save at least 10% or more of your net earning from every paycheck. The important issue is to spend less than what you earn. Do not go beyond your means.

2. To maintain a good savings account take control of your spending. A good spending plan, not a budget, will let you know where you are spending. Decide on what you want to spend your money on in advance and keep track of all of your monthly transactions. From there you will know what your spending habits are.

3. Is your Bank meeting your needs? Possibly you might need to look at another bank that offers a much greater savings and or investment program. Today, Online Banks offer great investment programs.

4. Apply and use credit cards that offer 0% for 12 months or more. Every monthly payment that you make will go directly to the balance and not to the high interest. When the 0% intro program is about to expire review what the interest rate will be. If the rate after that period is 10% or more, apply for another 0% credit card and transfer the remaining balance. Keep this process and you will never make an interest payment.

5. Buy a home. Your best investment is your home but only if you get a low interest rate mortgage. If the current interest rate is 2% lower than your present rate, refinance and lower your monthly payment.

6. The only possible way to build wealth is to determine a percentage of your income that you are willing to invest every year.