If you want to own a home someday or refinance the one you are currently in, it is important that you protect your credit. This is particularly true now that lenders are tightening credit guidelines. Here are 10 tips to help you protect your credit:
- Pay your bills on time.
- Keep only a few credit cards open at a time, keep the balance below 35% and use your credit responsibly.
- Do not close credit cards, even if you have a $0 balance.
- Use your credit wisely. Don’t open accounts you don’t need or that have a high rate of interest.
- Be cautious when reviewing online credit card offers or sent by mail. The fine print could be hazardous to your credit!
- Pay down or pay off your credit card balances, but don’t close the accounts.
- Review your accounts to ensure accurate reporting and that credit limits on revolving accounts are correct.
- Review your credit report to see if duplicate accounts appear. If so, have them reviewed.
- Go over your credit report at least twice a year to see if there are errors or omissions which could impact your credit.
- Need help deciphering or repairing your credit? Contact my friend Lee Anderson with Reclaim Credit Consultants. He can help!