Tuesday, May 3, 2011

Greetings Thrifty Friends,

Your credit score effects a lot of things in your financial
life like the interest rates you pay and even your insurance
rates, but how do you improve your credit score?

Keep pinchin' those pennies,
Penny

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TODAY'S THRIFTY TIP:

Pay down your credit cards.

Paying off your installment loans (mortgage, auto, student,
etc.) can help your scores, but typically not as dramatically
as paying down, or paying off, revolving accounts such as
credit cards. Getting your balances below 30 percent of the
credit limit on each card can really help.

Use your cards lightly.

Racking up big balances can hurt your scores, regardless of
whether you pay your bills in full each month. What's
typically reported to the credit bureaus, and thus calculated
into your scores, are the balances reported on your last
statements. That doesn't mean paying off your balances each
month isn't financially smart -- it is -- just that the
credit scores don't care.

Pay your bills on time.

One of the most important things you can do to improve your
credit score is pay your bills by the due date. You can set
up automatic payments from your bank account to help you pay
on time, but be sure you have enough money in your account
to avoid overdraft fees.


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