We all deserve a little credit, don’t we? The Dallas Bank Courier employees did some researching, and they found out that there are nearly 1.9 billion credit cards in use in America. An even more shocking statistic is that there are only around 200 million cardholders. That means most people have multiple cards. Three, in fact, is the average number of credit cards a credit-using person owns. Having more plastic, though, isn’t exactly the best way to get more credit.
About 15% of credit card holders have what FICO considers “bad” credit, falling into the 300- 549 range. And those are just the ones who actually know their credit score and know how to read it. Many either don’t understand credit scores, or they have no idea what their credit score is! Your score isn’t just about your credit cards. Whether you’re in financial trouble, or you’re just curious about bettering your financial status, you could benefit from these Dallas Bank Deliveries tips on how to boost your credit.
Get informed- How can you improve your credit score if you don’t even know what it is? The three major credit-reporting bureaus will give you one free check a year. Spread that out, and you can get a free credit report every four months.
Look for errors- While you’re reviewing your credit report, check for any errors. If you see that there are collections charges, but you know you’ve never been past-due on your bills, or if you see your credit limit is inaccurate, get it fixed. You could have a few errors that are wreaking havoc on your credit report, but you don’t even know it.
Be timely- One of the easiest ways to increase your credit score is to pay your bills on time. The Bank Courier in Dallas experts are talking everything from medical bills to library card fines. If a business turns your outstanding balance over to a collection agency, that will stay on your credit report for seven years. Forget breaking a mirror, that’s bad luck!
Look into loans- Now, you don’t want to make a habit of borrowing money you don’t have, but it will improve your credit to show that you’re responsible with paying back money you owe. Most of us already have installment loans. These include auto loans, student loans, and mortgages. If you can handle the investment, the installment loan will better your credit. If major items like those aren’t in your cards, try an appliance or furniture purchase on installment. This can help a little, too.
Credit cards are ok- The Dallas Bank Couriers folks talked about bad credit before, but credit cards are bad. The irresponsible people who use them are. Credit cards can do wonders for your credit scores if they’re paid on time.
If you can’t get plastic…- If you have a shady credit past, you might not qualify for a regular credit card. That’s ok! The Texas Bank Courier team has a few ideas to help you boost your credit without being on a traditional card plan. Instead, you can apply for a secured credit card. This card has a cash collateral, so you can never buy more than what you’ve paid in advance. Another option is to become an authorized user on someone else’s card (parent, spouse, really, really nice friend). This won’t help your credit, per say, but it will help you become a responsible cardholder.
Keep the old- “Old” debt, or paid off balances are great for your credit report. If you pay off your car or home, allow that to stay on your credit report as a debt that has been paid in full. This shows you have great repayment history.