How to Improve and Manage your CREDIT SCORE

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By gatunibi
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This article will help you manage and improve your credit score.

Difficulty: Moderately Easy

Instructions

Step 1

The first rule is to pay on time the minimum payment due (on or before due date).
If you get in the mail new credit card offers that have: 0% APR for purchases for one year and 0% APR for balance transfers, take it. If not check online or go to any bank and ask about it. Transfer money from the credit cards that have smaller amounts (it will be ideal to result in 0 debts on one, two or even three credit cards). This will help you consolidate your credit cards and besides you will not have to worry about that amount for one whole year.
Step 2

The second step is to analyze all remaining credit cards and start paying off the ones with higher interest rates (send more money towards the principal).
Go to any bank that offers free checking. Deposit some money in the new opened checking account and use the debit card as your new “credit card”. Try to put less or close to nothing on your credit cards.
Step 3

Additional tips:
-TIME will heal your credit score. If you follow this advice you will notice a change of about 10-15-20 points/month of your credit score. Give it about 6 to 12 months to see your FICO score jump over 700.
-After you open the new credit card account STOP looking for any kind of loan (car, house, credit card, etc.) You don’t need any more credit inquires. All credit score inquires stay on your credit report for 2 years.
-Never close the first 3-4 credit card accounts that you opened because that is your credit history and the older the better.
-Don’t close more than one account every 4-5 months.
-If you have 0 balance on your most recent opened credit card account, close it. You don’t need 50 credit cards.