| These are just a few of the best credit tips | | | | or declined. |
| and facts to help you improve your credit | | | | |
| report and score and give you some ideas for | | | | What does FICO stand for? It's an acronym |
| fixing or repairing your credit. When buying | | | | for Fair Isaac Corporation. Your FICO score |
| a car get pre-approved first at your bank or | | | | is the biggest factor in determining your |
| credit union for example, because car dealers | | | | credit rating with lenders. |
| will contact several companies in an effort | | | | |
| to get you the cheapest rate and this will | | | | The average amount of time it takes to "clean |
| affect your FICO score because you'll have | | | | up" any serious negative credit history is |
| several hits at one time on your credit | | | | seven years. A higher FICO score puts you |
| report. | | | | right in line for a lower interest rate on a |
| | | | loan or credit card. Any time you apply for a |
| It's often recommended to drastically reduce | | | | loan of any kind your FICO score will take a |
| your credit card use leave your credit card | | | | hit. |
| at home. However many people find it hard to | | | | |
| do this if they need to carry it in case they | | | | High school students are thought to be one of |
| need to call for a tow truck or other | | | | the easiest targets by credit card companies |
| emergency. Weigh the risks. | | | | because it's known they're uninformed and |
| | | | eager to spend. |
| If you can't make your payments on time, | | | | |
| contact your creditors immediately. Always be | | | | Simple but true: the only way to avoid credit |
| proactive when it comes to any debt you have. | | | | card debt is to never use your credit card. A |
| Develop a simple plan to repay your debt, and | | | | good guideline - always use your cash, not |
| do your best to follow that plan even if it's | | | | your credit cards for food, movie tickets and |
| only to pay a small amount each month. | | | | anything less than $10.00. |
| | | | |
| If you contact your creditors write down the | | | | A good plan to follow when paying on any debt |
| specific names and phone numbers of your | | | | is to pay a little bit before the due date |
| contacts at the companies. Follow up any | | | | and pay at least a few dollars more than your |
| phone conversations with creditors with | | | | scheduled payment. Pay your credit card debt |
| letters confirming any agreements you've | | | | online to avoid finding out that your mailed |
| made. | | | | checks haven't arrived on time and pay these |
| | | | three to four days ahead of time at least. |
| Keep in constant contact with your creditors | | | | |
| until you resolve your credit problems. | | | | When paying credit card bills online, be |
| Bankruptcy should not be the first solution | | | | aware that sometimes the site can be down for |
| to your financial problems. It doesn't wipe | | | | emergencies or maintenance or you may have a |
| your credit slate clean or give you a fresh | | | | problem with your ISP. Pay a few days early |
| start because it stays on your credit report | | | | if possible. |
| for up to ten years. | | | | |
| | | | You're entitled to an annual free credit |
| The ability to buy a car, and/or get a home | | | | report online from each of the three major |
| loan absolutely depends on your credit | | | | credit report bureaus. Make sure to check for |
| history and score. Some employers will use | | | | errors. You may find someone else's name and |
| your credit score in their evaluation of you | | | | debt on your report, an incorrect birth year, |
| as a future employee. | | | | etc. |
| | | | |
| What is FICO? FICO is a three-digit number | | | | These are just a few of the best credit tips |
| that determines the interest rate you'll pay | | | | to help you with your credit report and score |
| on your credit cards, car loans and home | | | | and repair. The more you can learn the more |
| mortgages and determine whether you'll be | | | | you'll be able to raise your FICO score and |
| able to get a cell phone or have your rental | | | | help your credit history. |
| application for a house or apartment accepted | | | | |