Your credit score is very important and says a lot about you. A good credit score can work in your favor and a bad credit score can make life tough. It can cost you an interview, get you denied for a loan and make your interest rates on new credit higher.
Here are few ways to keep your credit score healthy:
- Hook up an automatic payments from your bank account so you never miss a payment
- Put balances on a new credit card that offers 0% interest for a period of time to pay them off faster (then destroy the old card to you don’t charge on them)
- Don’t be afraid to ask to have a late fee reversed, most credit card companies will do that once a year for you
- If you’ve had a card for a year or more and haven’t made a late payment you can ask to have the interest rate lowered
- Don’t apply for more credit if you have plenty available
For more information about credit cards check my credit tab.
In this months’ issue of Kiplinger’s Personal Finance Magazine, there is an article by Laura Cohn called "Scams Exploit Hard Times" that talks about new scams that are targeted at the unemployed and those in mortgage trouble. The long and short of this is that before you meet with people who are trying to get a hold of you, you should do a background check.