I’m optimistic about the younger generation’s future when it comes to protecting their financial health.
Unlike any time before, consumers have access to VALUABLE tools and technology that help monitor our spending habits, credit scores and other financial details in real-time. Hope you’re using it! Because when we do, we are more likely than not protecting our financial outlook.
But, for those who need extra work improving their credit standing, extra effort is required.
Here are six things you can do right now to positively impact your credit score for the long run.*
FOCUS ON YOUR CURRENT DEBT
Folks will sometimes focus on current debt and not necessarily pay as much attention to older debt, some of which may be in collections. If you fit this category, it’s imperative that you tackle this debt and other older accounts AGGRESSIVELY to get ahead of the curve.
UTILIZE YOUR CURRENT ACCESS TO CREDIT
Take advantage of your current credit power by putting it to good use. It will be to your advantage to use your credit card on a monthly basis and keep that balance low. Regular expenses like groceries and gasoline are good options to put on your card and then repay at the end of the billing cycle. Consider trying for about 30 percent use, or below for maximum credit benefits.
PAY GOOD CREDIT
Continue to take pride in your good-standing debt by keeping your payments regular. While making minimum payments is a positive step, paying a little more toward these debts can be a big boost for your score.
GET A NEW LINE
I know, this sounds a little counterintuitive, but sometimes not having enough credit can hurt. Opening new credit cards and keeping them current is important and will likely help your score.
REVIEW YOUR CREDIT REPORT
Look at it closely and evaluate things that don’t make sense. Credit scores are not always accurate so be your best advocate and alert the credit bureaus if something isn’t true. Do this sooner than later because there is some catch-up time to make corrections.
AVOID LATE PAYMENTS
Tardiness is no good for your credit score. Try to set reminders for upcoming payments, and change due dates with the help of your lender if you need to. Contact companies to make good on your promise to pay everything back. This is VITAL!
These are just a few things you can start doing right now to get back on track. There’s a lot on the line, so, please feel free to reach out to me anytime with any questions about your financial future and how to make it better!
*Note: American Pacific Mortgage is not a credit repair company. This information is for informational purposes only. I am not a licensed credit repair specialists or counselors.
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