Maintain a good credit score

cath · Joined: 28 Aug 2009 Posts: 2

If you are not making timely payments of your credit card or any other bills, you may have a bad credit history. A low credit score means that you would not be able to fulfill your dream of buying a home or even a cellphone. An effective means to fix a bad credit is to look for credit repair services which allow you to get a better credit score

konnor aiden · Joined: 14 Sep 2009 Posts: 18

Nothing builds a credit score like showing long-term established maturity of handling a line of credit and making timely payments. Paying off and handling finance charges, even more so because then they know they can make money off of you.Stay on time with all payments on debt whether its car loans, mortgages, lines of credit, or rent.Avoid late payments and especially any debt going into collections.

Roger_Silvester · Joined: 29 Jun 2009 Posts: 51

No Late Payments: This has to be your mantra if you hope to maintain a good credit score. Lots of things can hurt your credit, but late payments that get reported to credit bureaus will sink a credit score faster than just about anything else. A lender is not going to be interested in loaning money to a borrower that has a history of failing to make timely payments. Get organized and have a system that ensures you will never be late on a payment.

Monitor Your Debt Ratio: Every borrower has a debt ratio, but very few understand the importance of that number. A debt ratio of less than 20% is considered manageable for most borrowers and will not hurt your credit score. Allowing your debt ratio to increase to 25% can cause your credit score to drop by up to 50 points. Remember that 20% is your personal maximum debt ratio to maintain your optimum credit score. Pay down debt to get to 20% if you find yourself above that percentage right now.

TimtheMortgageGuy · Joined: 16 Jan 2008 Posts: 96 Location: Rosemount, MN

cath wrote: If you are not making timely payments of your credit card or any other bills, you may have a bad credit history. A low credit score means that you would not be able to fulfill your dream of buying a home or even a cellphone. An effective means to fix a bad credit is to look for credit repair services which allow you to get a better credit score

Bullsh**. Credit repair services are bunk. You will have bad credit the whole time you are in the "program". It is very difficult to obatain a mortgage while in a "credit repair program". It is just like being a in Chap. 13 bankruptcy, except without going through the courts.