Keeping up with your credit score - AmericaNowNews.com

Finance

Keeping up with your credit score

Do you know your credit score? Many people don't, but if that number drops below 700, it could be costing you more than you know.

The higher your score, the better your rates... and the more money you can save.

If you want to buy a house, refinance, purchase a car, apply for a job, or even just get a date - your credit score can have a profound effect on your success. 

Financial advisor Douglas Alexander educates his clients on how to get their scores up.

"You first want to check your credit score on an annual basis," said Alexander.

If you are the victim of identity theft, this is where you catch it - you can do that for free through AnnualCreditReport.com. 1 in 5 people have credit report errors.

Second tip - it's worth the effort to correct errors like late payments, charge-offs or collections, or credit limits that are reported as lower than they really are.

Third - watch your ratio. Ideally, you want to be using less than 10% of your available credit.

If you are using more, work on paying it down. One way to do that is to make micropayments throughout the month. Racking up big bills on your credit cards can hurt your score - even if you pay them off each month!

Fourth - try to limit your charges to 30% of a card's limit. You can set up text or email alerts with your credit card company to help you keep track.

Final piece of advice - you can also boost your credit score by keeping cards active. The older your credit history, the better. If you stop using a card, the card issuer may stop reporting it to the credit bureaus.

Copyright 2013 America Now.  All rights reserved.

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