Special offer

Tweaking you credit score before 2011

By
Real Estate Agent with RE/MAX Solutions ( Brevard County)

 

Great simple tips to improve your credit score. Going forward in life your credit score is more important than ever. Be smart and fix it now.  

Pay off holiday debts before New Year's Eve. "Any debt dragged into 2011 is going to be very expensive," With credit card Interest Rates currently remain high at around 14.7%.  You should pay off your December credit card bill before it even arrives in the mail. Most cards have mid-month due dates, but paying the bill before Jan. 1. this will keep the debt off your credit reports.  You will enter 2011 with a higher credit score.  

 

 

Don't close the store cards you JUST opened up during the holiday season.So you Saved 10% to 15% off when buying presents on that store credit cards. BUT despite their apparent drawbacks and the fact that a large number of credit inquiries can actually drop your credit score. However, closing these accounts once you've paid off your balance won't repair any damage done over the holidays. If anything, it will lower your score even more since terminating an account right after it was opened tells FICO that you couldn't afford the credit line to begin with. By keeping the card and using it responsibly. "Don't charge more than 10% of the credit limit and you'll be telling the credit company you are responsible. Your score will be back up after 3 months usually.

 Cynthia White Realtor   321.652.1974 direct    EXIT ISLAND & BEACH REALTY  Search the MLS http://cwhite.islandandbeachteam.                                               

 

Joan Snodgrass
Midamerica Referral Network - Kimberling City, MO

Interesting.  Thanks for the good info for clients.

Dec 22, 2010 05:08 AM
Elisa Uribe Realtor #01427070
Golden Gate Sotheby's International - Berkeley, CA
Opening the Doors to California Homes -East Bay

What a great tip about paying off the card before 2011! Thanks so much for passing it on. Oh, who was it you were quoting? I'd love to read the entire article. thanks again.

Dec 22, 2010 05:11 AM
Maureen Fukumoto
Help-U-Sell Realty Pro - Mililani, HI
Maureen

 I was trying to decide whether or not to clear my cards before the new year. It sounds like I should. Good advice.

Dec 22, 2010 05:43 AM
Cynthia White
RE/MAX Solutions ( Brevard County) - Palm Bay, FL

Thanks for all the interest.  The idea for the post is from an article I read this AM on yahoo. I have been doing the 1st one for years myself. I use my credit cards like cash. I only use them if I have the cash in the bank. It is easier then carrying the $. Plus I like the points I earn.

 

Dec 22, 2010 06:02 AM