[To comment: larry at larrylitwin dot com]
This and nearly 300 other Tips and Techniques are in the new More ABCs of Strategic Communication – AuthorHouse, July 2015 – just published. Email Larry for details.
Here are some suggestions for maintaining or improving your credit history:
• Pay your bills on time. Payment history is the single most important factor in determining your credit score, making up 35 percent of the total number.Missing even one payment can knock 50 to 100 points off a good score.
• Pay down your debts and consider charging less. Lenders like to see plenty of room between the amount of debt reported on your credit cards and your total credit limits. Charging less can also improve your score, even if you pay off your credit cards on a monthly basis.
• Don’t be afraid of credit counseling. In 1998, the Fair Isaac Corp. changed its scoring formula to remove references to credit counseling in consumers’ files after learning that receiving credit counseling was becoming less predictive of credit risk. Be sure to research, and only become involved with legitimate organizations.
• Stay out of bankruptcy. Bankruptcy can knock 200 points or more off your credit score. After filing, consumers are usually only able to secure credit through high-interest lenders, which can often lead consumers back down the path of bad credit.
Centers for Financial Education, a division of Consumer Credit Counseling Services of New Jersey – www.crediteducation.com
[To comment: larry at larrylitwin dot com]