It's not just late or missed payments. Here are the things that bring down your credit score — and how to avoid them. - NBCNewsBETTER
Keep in mind that doing so will lower your overall credit limit, and therefore may increase your utilization rate — how much credit you’re using versus what’s available to you.
“There is some data from FICO that reveals people with credit scores above 800 commonly maintain a credit ratio below 10 percent,” said Bruce McClary, vice president of communications at the National Foundation of Credit Counseling. To offset the smaller credit limit, you should have a strategy for paying down the remaining balances as quickly as possible and bringing the utilization ratio back within an acceptable range, McClary said.Ten percent of your score is about the variety of your debt, said Matt Schulz, credit expert at CompareCards.com.
“If you’ve had a car loan, a personal loan, a credit card and a mortgage and handled them all well, you’re probably going to have a higher score than someone who has just had a credit card — all other things being equal,” Schulz said.You shouldn’t go out and get a loan you don’t want or need just to bump your score a bit, he said, but, “it is worth considering in some circumstances.
If you see a potential problem be it a reporting issue or sign of identity theft or fraud, let the credit reporting company know as soon as possible. “The resolution process probably won’t be fast or simple,” Schulz warned. “But it’s all worth it.The three biggest firms that generate credit reports for consumers are Experian,
इंडिया ताज़ा खबर, इंडिया मुख्य बातें
Similar News:आप इससे मिलती-जुलती खबरें भी पढ़ सकते हैं जिन्हें हमने अन्य समाचार स्रोतों से एकत्र किया है।
Brexit fallout on UK finance intensifies - think tankMore than 275 financial firms are moving a combined $1.2 trillion (£925.4 billio...
और पढो »
'Shark Tank': Why Mark Cuban made an $80,000 deal for something called the Shower Toga'You've bought a garbage bag with a string on it,' 'Shark Tank' star Kevin O'Leary told Mark Cuban and guest judge and Drybar founder Alli Webb.
और पढो »
'Shark Tank's' Kevin O'Leary: This is how to negotiate, from your salary to your cable billHow to negotiate, from your salary to your cable bill, according to 'Shark Tank's' Kevin O'Leary. via CNBCMakeIt
और पढो »
Barnes & Noble shares tank 11% on disappointing holiday salesShares of Barnes & Noble fell more than 11 percent in premarket trading after the company reported third-quarter earnings Thursday that missed analysts' expectations.
और पढो »
Dow under pressure | Boeing tanks | Powell: Trump can't fire meThis morning's futures are somewhat misleading, in that Boeing is set to drag more than 250 points off the Dow by itself.
और पढो »
'Shark Tank' star Robert Herjavec: This is what the Sharks talk about on their lunch break'Shark Tank' star Robert Herjavec: This is what the Sharks talk about on their lunch break via CNBCMakeIt
और पढो »
Asia stocks dealt body blow as China exports tankAsian stocks shuddered lower on Friday after shockingly weak export data from Ch...
और पढो »
Brexit fallout on UK finance intensifies: think tankMore than 275 financial firms are moving a combined $1.2 trillion in assets and ...
और पढो »
'Shark Tank' recap: Missouri farmer sends the mail-order meatOn Sunday's “Shark Tank,” an eighth-generation farmer shared a look at the struggles of family-owned farms, and brought home the bacon.
और पढो »