I wanted to give you a few credit tips and strategies this morning…
1) Did you know a single credit card late payment can ding your score by as much as 60 points?
a) Helpful strategy – set your payments up on autopay.
2) The quickest way to increase your credit scores are to decrease your credit utilization ratio. This is the amount charged on your accounts versus their total limit.
a) Best ratio is 10%. Certainly don’t go over 50%. (If limit is $1,000 try not to carry more than $100)
b) Another strategy is to ask for a higher limit to get your ratio more in line.
3) You can gain credit score points by paying off the credit card whose balance is closest to its limit. However, don’t cancel the account after you’ve paid it down.
That’s it for today!
Have a good day today! …and thanks for reading.