Better score = lower rate 5 tips for better credit
1) Keep all balances on credit cards below 30% of available credit
2) Never pay late. If you are disputing a cell phone bill; pay and then dispute. Cell phone companies report to collection companies fairly quickly and this can hit your score fast and hard. Better to pay the $30 then pay higher interest rates for 7 years. Even if they agree you are right, getting a collection off your credit is not easy task. Utility companies and medical billing companies report quickly too so beware.
3) Do not close credit cards and do not open credit cards you do not need. Opening a new line of credit for 10% off is not worth it.
4) Be on top of your credit. Check it once a every 4 months with one bureau. Through the free credit you can check it with each bureau once per year. If you check one bureau in January and the next in May and then in October you will monitor your credit for free for the year. Look for credit cards you do not recognize and new addresses. If your address is wrong alert the bureaus. That is the first sign of ID theft.
5) Check out www.optoutprescreen.com This website, developed by the credit bureaus, gives consumers the opportunity to opt out of receiving credit offers in the mail. Signing up (it is free) can bump your score a few points and it eliminates credit card offers in the mail which cuts opportunites for ID theft.
Robert Benenati
Real Estate Broker
365 Realty, Inc.
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