Do not open new accounts rapidly:
Opening new accounts frequently attracts suspicion.
Do not frequently close unused accounts:
Longer lines of credit always positively impact creditworthiness.
Responsibly maintain credit cards:
Credit card payments must be made on time. Do not obtain additional credit cards to increase available credit. Do not make enquiries when unsure of borrowing.
Pay down debt and on time:
It is extremely important to pay down debt, and do so on time. Customers believe that moving balance equates to paying off debt. On the contrary, moving balances need to be settled in a timely fashion to maintain good credit behavior.
Frequently check credit reports:
It is important to frequently check credit reports to remain informed about discrepancies. Rebuilding credit history is a slow and patient process. Given the advanced practices adopted by banks in lending decision making, it is important, as a customer, to remain informed and consistently monitor credit.
When ordering reports, especially for the very first time, it is advisable to order reports from multiple bureaus to look out for fraudulent activity or errors. Any incorrect information in the credit report should be logged as a "dispute" with the bureaus.
The bureaus are obliged to help in dispute resolution with the lending institutions. Engaging in frequent financial health checkups will go a long way in ensuring good financial decisions. Be alert, be aware.
Opening new accounts frequently attracts suspicion.
Do not frequently close unused accounts:
Longer lines of credit always positively impact creditworthiness.
Responsibly maintain credit cards:
Credit card payments must be made on time. Do not obtain additional credit cards to increase available credit. Do not make enquiries when unsure of borrowing.
Pay down debt and on time:
It is extremely important to pay down debt, and do so on time. Customers believe that moving balance equates to paying off debt. On the contrary, moving balances need to be settled in a timely fashion to maintain good credit behavior.
Frequently check credit reports:
It is important to frequently check credit reports to remain informed about discrepancies. Rebuilding credit history is a slow and patient process. Given the advanced practices adopted by banks in lending decision making, it is important, as a customer, to remain informed and consistently monitor credit.
When ordering reports, especially for the very first time, it is advisable to order reports from multiple bureaus to look out for fraudulent activity or errors. Any incorrect information in the credit report should be logged as a "dispute" with the bureaus.
The bureaus are obliged to help in dispute resolution with the lending institutions. Engaging in frequent financial health checkups will go a long way in ensuring good financial decisions. Be alert, be aware.