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How to Boost Your Credit Score

By Richard Greenwood

Republish: EasyPublish™
Published: 01Oct2008
Word count: 508
Viewed: 146 time(s)

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It makes sense that in today's volatile economy, the very best way to ensure your financial security is to protect your credit at all costs. But for some people, this can prove somewhat of a challenge, as their credit score is less-than-stellar. Let's face it - we've all been a little late in paying the bills at some point. But as the current economic crisis has taught us, it's smart to stay on top of your money - and your credit rating. After all, your score can make the difference between thousands of dollars spent in interest on your mortgage and car loans! So regardless of whether your credit is poor or if it's just okay, here are some expert tips for improving your credit rating.

Stay on top of your bills. Nothing can deflate your credit rating like a late or unpaid bill, as this is the most significant factor in determining your credit rating. The most important bills are undoubtedly those from your credit cards - you definitely don't want to be delinquent on these! Today, most credit card and utility companies offer free enrollment in automatic bill payment. Take advantage of these options, as your bills will be automatically deducted from your bank account - and you'll never have another excuse for a late bill again.

Carry less debt on your credit cards. Another important factor in determining your credit rating is the amount of debt that you carry on your credit cards. If you're in the habit of spending and carrying a monthly balance on your credit cards, hide them in your sock drawer and start paying down that massive debt. By removing your credit cards from your wallet, you'll be less tempted to use them - and will be constantly forced to spend within your means!

Don't close old accounts. This is perhaps one of the most surprising tips, as many credit counselors previously told their clients to close all accounts that they weren't using. But closing old credit card accounts can often hurt your credit rating, as this lowers the amount of credit available to you - and this can make any debt that you do have seem much more daunting in credit rating calculations.

Get some counseling. Credit counseling is not just for those faced with bankruptcy. If you think your credit score needs some beefing up, then try enrolling with your local credit counselor. These people are trained to help you form a budget that will not only accommodate all of your living needs, but will also teach you how to effectively pay down all of your debts for the rest of your life.

Knowing and protecting your credit rating is perhaps one of the most important things that you can do during the current credit crunch. By beefing up your credit rating, you'll be saving yourself thousands in interest on any loans in the long run - and you'll prevent yourself from becoming another casualty in the global sub-prime fallout.

Richard Greenwood is co-founder of The Click 4 Group which runs a number of finance comparison websites which compare products including debit cards and credit cards.

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