TRICKS TO INCREASE YOUR CREDIT WORTHINESS

TRICKS TO INCREASE YOUR CREDIT WORTHINESS
by Pree Dammond

Our people suffer for lack of knowledge.  Consultants are paid for their knowledge and have made a business on making others lazy.  I’ll get to the point and share with you some tricks that I have learned along the way.


Too many trade lines or credit accounts are not always the best for you.  It really depends on the amount of Cash Flow in versus Cash Flow out.  When you have a lot of trade lines and not enough credit activity it will impact your credit score in a negative manner.

It is not always wise to cancel Credit cards; this could have a negative impact on your credit score.  It’s better to just pay off the balance and use the card every once in a while to show that you know how to manage you finances.

Once you have brought most of your credit cards or merchant accounts to a zero balance then focus on using one primary credit card.  Choose a card that has the better interest rates, incentives such frequent flyers miles, points, and etc.

Use this Card to pay bills that you are already paying.  Never use this card to purchase Material things like clothes, shoes, meals, or etc.  The rule is to only use this card to pay the bills you are already paying thus far.  Basically, don’t make purchase with money you do not have.

Pay off your balances in Full every Cycle.  The reason I say every cycle and not every month is because you Creditors will usually give you anywhere between 15 to 30 days to pay off any recent purchases.

For example:  If your cell phone bill is due on the 18th of every month and pay it in full with your primary credit card, You will have until the 18th of the next month to pay in full the total amount that was spent on that particular day.  This method can also be used to extend your payment obligation in case it takes you a little longer to gather the funds.

Pay your bills on time and in full actually will save you more money in the year than having a late fee here and there.  Trust me!

Adopting this practice will show Credit Reporting Agencies and Merchants that you are responsible at using their products and managing your finances.

This will also retrain yourself to respect your money and will allow for more investing towards your hobbies or businesses.

Best of Luck!