Boost Your Credit Score

JEN: Oh good CREDIT SQUIRREL: Yes? JEN: Credit Squirrel! Hey! I need some help with building my credit score… CREDIT SQUIRREL: Shhh shh shh

Yes of course Come in JEN: Ummm, Okay… CREDIT SQUIRREL: Right Here are a seven ways to build and maintain good credit scores Number one: pay your bills on time

Don't hide them and don't pretend they don't exist Pay your statement balance in full each month JEN: That's simple enough Number two: part of your credit score is based on the length of your credit history So if you're just starting out, open one credit card and use it for small, regular, manageable payments

Like a cell phone bill or gas JEN: Okay Something I know I can pay off every month CREDIT SQUIRREL: Indeed Three: keep your credit utilization low

This means using only a small portion of your available credit JEN: I don't think I understand CREDIT SQUIRREL: Example! If you have $1000 of credit available and you're using almost all of it each month, it makes you look as though you rely heavily on that credit line Keeping your utilization down to about 10% keeps your credit score in tip top shape JEN: 10% utilization

Got it! CREDIT SQUIRREL: Four: don't open a large amount of credit cards in a short time Lots of inquiries on your credit report within a short time frame makes your score drop Five: to give your score an extra boost, have a variety of credit A mix of credit cards, retail cards, utility bills and installment loans keeps your score balanced JEN: Nice! CREDIT SQUIRREL: Six: try not to carry a balance

Pay off your statement balance every month JEN: What if I can't afford to do that? CREDIT SQUIRREL: If you can't afford to pay something off in a month, you probably shouldn't be putting it on a credit card in the first place A credit card shouldn't be treated like extra income Budget wisely Making only the minimum payments each month can get you in trouble very quickly with all the interest you have to pay

JEN: Yikes! CREDIT SQUIRREL: And finally, number seven: monitor your credit There are free sites that you can use to get a good estimate of your credit score, as well as paid services to access the exact scores JEN: That's really great Thank you so much, Credit Squirrel Once again, you've been incredibly helpful! Oh! I was just getting advice from the Credit Squirrel

He lives in this tree and you know what? Never mind Everybody can go away now

Source: Youtube

Boost Your Credit Score

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