If your credit score is below
660, take these three steps now.
1. Pay every bill on time.
A
late payment will instantly drag down your score. A few months history of timely
payments, however, can help boost it.
2. Pay
down the cards that are maxed out first.
You'll get points deducted from your score any time
you charge more than 50 percent of the limit on any
kind of credit card.
3. Do not cancel
any credit cards.
Counterintuitive, yes. But not when you consider that
one-third of your score is based on how much of the
credit available to you you're actually using. Cutting
up credit cards will automatically decrease the amount
of credit you have available. Better to stick the
cards in a drawer until your score is back on track.
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Do you have a secret to success with credit cards?
Or, are you struggling? . |
-- Posted: Feb. 20, 2007 |
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