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Huge changes are approaching. The bulk for new provision of Credit Card Act took effect since last February of 2012 that may change how many people use credit card.
While some people will gain benefits, others may also consider it hard to access their credit card at all. Actually, some credit institutions have already started cutting off clients without any explanation, a rude surprise. But instead of getting discourage over these card law and policy changes, take the action in improving your own credit score today so you no longer have to worry on what may happen in the future in terms of your finances.
Here are a few tips to help you get started.
7 STEPS ON HOW YOU CAN IMPROVE YOUR OWN CREDIT SCORE
1.) Pays your monthly bills on time
The most important responsibility you should take note is to pay your bills every month and on time. You should at least settle the minimum payment or the amount you are required to pay.
2.) If you have any past due bills, pay them up and stay updated.
If you have made a few errors on your credit, you will need to pay up to show that you are able to manage your debt.
3.) Pay down any current credit cards.
Are you not sure where and how to start? An ideal concept is to pay off first your credit which have the highest rate on interest (while also handling the required minimum payment with the rest of your credit cards). Once you have paid that balance, pay the card which has the next highest rate of interest, and so on.
4.) Stretch yourself thin.
If you"re having multiple cards, spread the charges over all of them while keeping your balances the lowest possible charge. You should at least target using less than 30% of the card limit. But if you do not have multiple credit cards, it is not necessary to open more accounts in order to spread out the debt.
5.) Do not close any account that you don"t use.
Closing any account can surely hurt credit score since it will lower the amount of available credit to you. But instead, dust off your old cards and make use of them once per month on small purchases such as take-out or gas. Every month you settle your bills on time, your card issuer will comment on your report as "okay".
6.) Do not open new account if you don"t need it.
As much as possible, don"t open many accounts in short amount of time.
7.) Check credit report on a regular basis and dispute for any inaccuracies.
To start, you should obtain your credit report regularly every 6 months. Know what"s on a credit report and determine how things are reported. Once you see something which doesn"t look right, correct the errors with credit bureau.
Lastly, don"t be impatient. Improving credit scores would take time. Just like undergoing weight management program, there is no quick fix. You must be responsible with your own credit, settle your bills on time and think first before deciding- pretty soon, you will reap rewards of your good credit.
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Source by Jessica Roth
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