Improve Credit Rating
How to Manage Your Beacon Credit Score
A higher score can give you a greater range of financial options
and could provide more favorable credit offers. Even if you already
have a good score, it is important to continue carefully managing
your credit. Keep in mind, however, that your beacon credit score is based
on your history of borrowing and repaying money, so there is no
way to instantly boost it. But here are 10 effective strategies
that should help to maintain or strengthen your beacon credit score over
Learn what your current beacon credit score is and review the content
of your credit history report.
Don't open new credit cards that you don't need just to increase
your available credit. This approach could backfire and actually
lower your score.
Don't carry balances that are near or at your credit card limit.
Doing so can make your debt-to-credit ratio seem high, even if
you pay off your balance every month.
Try to keep your total account balances as low as possible.
High outstanding debt may negatively affect your score, as you
have a greater chance of missing payments.
Correct any incorrect information that might appear on your
credit history report.
If your credit is severely damaged, or you have a very short
credit history, there are still ways to improve your credit over
time. Consider opening new accounts responsibly and paying them
off on time.
If your credit history report contains an account you did not pay on
time because of illness, unemployment, or family issues, write
a short explanation to the credit history reporting agencies. They will
add your explanation or summary of it to your credit history report. Also,
call your lender to explain the circumstances and, if possible,
work out a payment schedule you can meet.
To minimize the number of inquiries on your credit history report,
don't apply for multiple credit cards or for a card you are not
likely to get. Apply for new credit accounts only as needed.
Make all of your payments on time. If forced to miss a payment,
be sure to pay the following month. Accounts more than 30 days
past due could be indicated on your credit history report. If you have
missed payments, get current and stay current.
Be sure to continue to check your
credit history report
regularly, charting your progress along the