Ways to Improve Your Credit Scores

WAYS TO IMPROVEYOUR CREDIT SCORES

Join our #CreditChat every Wednesday at 3 p.m. ET. This week, we talked about ways to improve your credit scores.

ex.pn/improvecredit

http://www.experian.com/blogs/news/about/improve-credit-scores/

What info is on a credit report? (And what’s not on your report?)

#CreditChatWednesday | 3 p.m. ET


“Credit report contains: personal information, credit history/inquiries, public

records and even consumer statements from you!”

- @KOFETIME


“Your name, address, payment history on accounts, balances, collections, public records and inquires.”

- Jeanne Kelly, @creditscoop


“Four categories of information: identification, account information, public

records, inquires. All debt related information.”

- @Rod_Griffin

How often should people review their credit reports?



“You can check your own credit as often as you like without negatively affecting your

score, so it’s good to check often.”

- @Purefy


“Twice a year, set a schedule January 1 and July 1, fresh start to new year and summer fun.”



“At an absolute minimum, check your report once every 12 months. It’s free at

annualcreditreport.com.”

- @Rod_Griffin

What should you do if you find an error on your credit report?



“Contact your creditors and request information on your account. Review and

then report to the FTC and file a police report.”

- @LeslieHTayneEsq


“Dispute it with the credit bureau reporting it and contact the creditor responsible for it.”



“Explain what you think is wrong, why, and include copies of documents that support

your dispute.”

- @AirForceFCU

What should you do if you’re worried about credit fraud?



“If you are worried about credit fraud, check your report often and consider enrolling in

a credit monitoring service.”

- @SFCUNews


“Monitor your credit and check the inquiries. Possibly put an alert or freeze.”



“Shred all documents with personal information, be wary of what site you give

information to and check your credit reports regularly!”

- @LeslieHTayneEsq

Why are credit scores important? How are scores calculated?



“Credit scores are a tool used by lenders to analyze the information in your report to determine lending risk. Payment history

and utilization rate are 60-70% of a credit score. Pay bills on time, keep balances low

for good scores.”

- @Rod_Griffin


“Scores are used to approve or deny and also at what interest rate.”



“The major factors used to calculate your credit score are your payment history,

amount owed, and length of credit history.”

- @Purefy


“Credit Scores represent your creditworthiness and are used for loans,

employment, insurance, etc.”

- @AirForceFCU

How can cosigning on a loan/credit account impact you?



“As the cosigner on a loan, you assume FULL responsibility. If it’s not paid, it hurts your

credit.”

- @FedChoiceFCU


“Co-sign should just be called JOINT. It is same as if you were taking out loan.”



“If you cosign and they don’t pay, it can wreck your credit.”

- @Rod_Griffin

What are ways to build a great credit history?



“Paying before the deadlines, and more than the minimum amount required, keeping a balance less than 50% of credit allowed.”

- Andie @moneyinmy30s


“By paying bills on time and lowering any outstanding credit card debt. Having accounts open for a long time,

varies types of accounts, these are all great.”



“Make payments on your accounts on time and in full every month. 35% of your FICO score is based on your payment history.”

- @care4yourfuture

What are some of the biggest credit myths you’ve heard?



“Biggest myth is that credit is not important. So not true!”

- @JusOnePay


“People think that if they paid off their mortgage, pay cash for cars that they are not a credit risk, they think it’s great credit, people also think a debit card reports on their credit report.”



“Myths: It is better to buy everything with cash and it is better to carry balances on

your credit cards.”

- @CaryCarbonaro


“Myth: If a credit score is bad it can never be rebuilt, so not true!”

- @taynelawgroup

Any final tips for those that want to improve their credit?



“Don’t focus on the number. Instead, pay attention to the list of factors affecting your

score.”

- @jennifercwhite


“Take care of your credit report and your scores will take care of themselves.”

- @Rod_Griffin


“Don’t be afraid of it, start today paying attention and you will see a difference soon.”



“If you want to close a card because of a fee try to transfer to a non-fee card with the

same company, this helps maintain credit card history.”

- @Purefy


“Your credit is extremely important for numerous reasons. Make on-time payments

on your account and it will help you greatly.”

- @care4yourfuture

#CreditChatWednesdays | 3 p.m. ET

Check out all the resources and tips shared:

ex.pn/improvecredit

http://www.experian.com/blogs/news/about/improve-credit-scores/

#CreditChatWednesdays | 3 p.m. ET

Join Us Every Wednesday at 3 p.m. ET.

experian.com/creditchat

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Economy & Finance

Ways to Improve Your Credit Scores