St Louis Refinancing Experts Recommend These 3 Great Credit Moves
There is a new type of credit regime that borrowers are still getting used to. They have also learned a valuable lesson that one should take good care of their credit report.
Here are 3 good ways to make improvements as regards our credit information:
1. Always Check Your Credit Report Regularly -
By checking your credit report, you can make absolutely sure there are no mistakes on your profile.
Your credit report contains financial scoring information that can either help you get a good loan or could prevent you from getting one all together.
Since the Fair Credit Act allows everyone to order a free copy of their credit report each year, you should do this immediately by searching for Annual Credit Report.
You must carefully review your credit report and then immediately dispute any errors including accounts that are not yours and duplicate accounts.
2. You May Want To Opt Out Of Pre-screened Credit Card Offers -
First of all, you really don't need numerous offers stacking up in your mail.
Then when you want a new credit card, you can do your own shopping online at Credit Card Guide or Bankrate and then apply online.
One of the biggest misconceptions when receiving credit card offers in the mail is thinking that you automatically qualify for the best terms and rates available.
No bank or credit card company will give you a credit card without first checking your credit when applying.
Keep in mind your credit situation may have changed since you received this offer which may in turn give you less than favorable terms once you apply.
You can also permanently stop receiving junk mail such as credit card and insurance offers by simply going online to Opt Out Prescreen.
3. If You Have Credit Cards That Have Been Put Away, Get Them Out -
New rules taking effect in August will now get rid of inactivity fees for not using credit cards.
However, just because you claim a victory by not getting charged inactivity fees, if your cards continue to go unused, they can be closed or credit limits dropped which may lower your credit score.
For cards that you definitely want to hold on to, make sure you use them at least once every 3 months.
The good thing about keeping these cards with limited usage is when another card you have gets zapped with a higher interest rate or lower credit limit.
Here are 3 good ways to make improvements as regards our credit information:
1. Always Check Your Credit Report Regularly -
By checking your credit report, you can make absolutely sure there are no mistakes on your profile.
Your credit report contains financial scoring information that can either help you get a good loan or could prevent you from getting one all together.
Since the Fair Credit Act allows everyone to order a free copy of their credit report each year, you should do this immediately by searching for Annual Credit Report.
You must carefully review your credit report and then immediately dispute any errors including accounts that are not yours and duplicate accounts.
2. You May Want To Opt Out Of Pre-screened Credit Card Offers -
First of all, you really don't need numerous offers stacking up in your mail.
Then when you want a new credit card, you can do your own shopping online at Credit Card Guide or Bankrate and then apply online.
One of the biggest misconceptions when receiving credit card offers in the mail is thinking that you automatically qualify for the best terms and rates available.
No bank or credit card company will give you a credit card without first checking your credit when applying.
Keep in mind your credit situation may have changed since you received this offer which may in turn give you less than favorable terms once you apply.
You can also permanently stop receiving junk mail such as credit card and insurance offers by simply going online to Opt Out Prescreen.
3. If You Have Credit Cards That Have Been Put Away, Get Them Out -
New rules taking effect in August will now get rid of inactivity fees for not using credit cards.
However, just because you claim a victory by not getting charged inactivity fees, if your cards continue to go unused, they can be closed or credit limits dropped which may lower your credit score.
For cards that you definitely want to hold on to, make sure you use them at least once every 3 months.
The good thing about keeping these cards with limited usage is when another card you have gets zapped with a higher interest rate or lower credit limit.
Source...