A good credit score will get you far. Not only will it allow you to get loans easier, but it'll show banks that you're more than dependable with your money. However, not everyone's score is going to be the greatest. As a matter of fact, many people might be searching for ways to improve theirs. For those who fall into this camp, there are ways you can help yourself. Here are a few of the biggest do's & don'ts of credit score improvement, courtesy of Bob Jain.
DO be timely with payments. It cannot be stressed enough: being late on a single payment can be disastrous for your credit score. This is why you have to make them as soon as you can, ensuring that no late fees are accumulated. It also doesn't hurt that it will keep your credit score from falling. For those who might not be attentive, as far as the aforementioned payments are concerned, it's probably time to change up your strategy.
DON'T apply for many credit cards. Bob Jain CS, as well as other authorities in finance, will tell you that multiple credit cards aren't recommended. One of the reasons for this is that you're responsible for covering multiple balances, which can become quite messy. When you're unable to do so, the likelihood of debt becomes much greater. Having one credit card and one debit card will be fine, so don't go overboard.
DO act responsibly with your credit card. To say that credit card ownership entails responsibility would be an understatement. In order to get your score up, Bobby Jain CS will stress the importance of modest use. In other words, you shouldn't make too many purchases during a single month, since it could be difficult for you to pay it all back later on. To keep your credit score from falling, responsible use of credit cards is essential.
DON'T become impatient when improving your credit score. The most important thing to know about credit score improvement is that it takes time. You're not going to see your score magically improve overnight, which means that you have to be patient. Make sure that you follow the aforementioned steps as closely as possible. By doing so, eventually you'll start to see the results that you're looking for.
DO be timely with payments. It cannot be stressed enough: being late on a single payment can be disastrous for your credit score. This is why you have to make them as soon as you can, ensuring that no late fees are accumulated. It also doesn't hurt that it will keep your credit score from falling. For those who might not be attentive, as far as the aforementioned payments are concerned, it's probably time to change up your strategy.
DON'T apply for many credit cards. Bob Jain CS, as well as other authorities in finance, will tell you that multiple credit cards aren't recommended. One of the reasons for this is that you're responsible for covering multiple balances, which can become quite messy. When you're unable to do so, the likelihood of debt becomes much greater. Having one credit card and one debit card will be fine, so don't go overboard.
DO act responsibly with your credit card. To say that credit card ownership entails responsibility would be an understatement. In order to get your score up, Bobby Jain CS will stress the importance of modest use. In other words, you shouldn't make too many purchases during a single month, since it could be difficult for you to pay it all back later on. To keep your credit score from falling, responsible use of credit cards is essential.
DON'T become impatient when improving your credit score. The most important thing to know about credit score improvement is that it takes time. You're not going to see your score magically improve overnight, which means that you have to be patient. Make sure that you follow the aforementioned steps as closely as possible. By doing so, eventually you'll start to see the results that you're looking for.
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For more fiscal tips courtesy of Robert Jain CS, please consult Bob Jain Credit now.
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