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Thrifty Tips - Not all debt is created equal.
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Tuesday, May 3, 2016
Greetings Thrifty Friends,
If you have a low credit score you could stop spending money and wait years for bad credit to slowly disappear from your history, or you could take some specific steps to boost your score fast.
Because when it comes to your credit score, not all debt is created equal.
Keep pinchin' those pennies,
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TODAY'S THRIFTY TIP:
Nothing helps your credit score more than your ability to make payments on time. If you can pay off your credit card balance in full each month, that helps. If you make your monthly mortgage payment every month without delay, that's huge.
Credit cards with the highest interest rates are the ones that place you at the most risk of racking up more debt, thus hurting your credit score. By paying these cards off first, you are reducing your debt risk and ultimately will see your score rise.
Anything That Gets Your Credit Utilization Under 30 percent. Your credit score can be negatively impacted if you have high revolving balance. Generally speaking, if you are using more than 30 percent of your available credit, that's a problem. So work to make sure you're borrowing less than a third of what you are allowed.
If you have debts that are very late, it's best to still pay back what you owe. This may not ultimately boost your credit score significantly right away, according to FICO, but new lenders will still want to see that you paid back what was owed. Prioritize the most recent past-due bills first.
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